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Contango and Independence Energy Merge

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Independence Energy and Contango Oil & Gas are to merge in an all-stock transaction. 

The combination, which was unanimously approved by both companies’ Boards of Directors, will create a diversified, low leverage US independent oil and gas company focused on consolidation.

Independence is a diversified, well-capitalized upstream oil and gas business built and managed by the global investment firm KKR’s Energy Real Assets team working across the Eagle Ford, Rockies, Permian and Mid-Continent. 

Fort Worth-based Contango has a portfolio of assets, independent oil and gas company whose business is to maximize production and cash flow from its portfolio of low-decline, producing assets primarily in the Mid-Continent, Permian, and the Rockies. Contango has complementing that production and cash flow via acquisitions, having completed four significant acquisitions in the last 18 months.

Upon completion of the transaction, Independence shareholders will own approximately 76% and Contango shareholders will own approximately 24% of the combined company. Based on Contango’s closing stock price of $5.62 on June 7, 2021, the combined company will have an initial equity market capitalization of $4.8bn and enterprise value of approximately $5.7bn.

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