• Mid-Con Energy Partners unitholders receive 1.75 Contango share per MCEP unit
• Contango's and Mid-Con's operations will be consolidated in Fort Worth, TX
• As a result, John Goff, Contango's Chairman and largest shareholder, ownership in Contango increases to 24.3%
  

FORT WORTH, Texas, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE:MCF) ("Contango" or the "Company") today announced the successful completion of its acquisition of Mid-Con Energy Partners, LP ("Mid-Con") (NASDAQ:MCEP).

In accordance with the terms of the merger agreement, Mid-Con unitholders will receive 1.75 shares of Contango common stock for each unit of Mid-Con common units owned. Prior to the open of trading today, Mid-Con common units ceased to be listed for trading on the Nasdaq Global Select Market.

Wilkie S. Colyer, Jr., Contango's Chief Executive Officer, commented, "After many months of significant effort from both companies, this merger further highlights Contango's ability to execute on its strategy to acquire producing properties and implement cost-cutting efforts that maximize shareholder returns. As a result of the merger, our largest shareholder and Chairman, John C. Goff, has increased his ownership to just under 25% of the combined business. The Board and management team remain committed to growing shareholder value as we look for new opportunities in the current dislocated market environment. We welcome Mid-Con's investors, employees, and other stakeholders to the Contango platform."

About Contango

Contango Oil & Gas Company is a Houston, Texas based, independent oil and natural gas company whose business is to maximize production and cash flow from its offshore properties in the shallow waters of the Gulf of Mexico and onshore properties in Texas, Oklahoma, Louisiana and Wyoming and, when determined appropriate, to use that cash flow to explore, develop, and increase production from its existing properties, to acquire additional PDP-heavy crude oil and natural gas properties or to pay down debt. Additional information is available on the Company's website at http://contango.com. Information on our website is not part of this release.

Contango Oil & Gas Company
E. Joseph Grady, 713-236-7400
Senior Vice President and Chief Financial Officer
Source: Contango Oil & Gas Company