21 July 2008substantial holder notice● Neutral
Sellers Capital Master Fund, Ltd, Praetorian Value Fund LLC, Sellers Capital LLC reported a CONTANGO OIL & GAS CO shareholding of 2,302,359 shares (14.10% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 July 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 17,519 shares on the open market at $83.59.
17 July 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 66,204 shares on the open market at $83.90.
10 July 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 65 shares on the open market at $7.50.
7 July 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 79,373 shares on the open market.
3 July 2008director interest notice● Neutral
CONTANGO OIL & GAS CO director Jay D Brehmer exercised stock options for 3,000 shares and disposed of 3,000 shares.
30 June 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 35 shares on the open market at $7.50.
26 June 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 2,107 shares on the open market at $91.64.
23 June 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 31,526 shares on the open market.
19 June 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 10,050 shares on the open market.
16 June 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 4,100 shares on the open market at $83.21.
3 June 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 16,886 shares on the open market at $82.54.
29 May 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 33,900 shares on the open market at $82.41.
15 May 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 5,000 shares on the open market at $81.99.
14 May 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 51,900 shares on the open market at $80.33.
7 May 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 24,469 shares on the open market.
2 May 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 6,897 shares on the open market at $75.99.
30 Apr 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 8,832 shares on the open market.
25 Apr 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 8,740 shares on the open market at $75.90.
21 Apr 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 15,700 shares on the open market.
15 Apr 2008director interest notice● Neutral
CONTANGO OIL & GAS CO 10%+ owner Sellers Capital LLC bought 56,004 shares on the open market at $72.72.
9 Apr 2008asset acquisition disposition● NeutralMajor
On April 3, 2008 Contango bought more working interest in Dutch (Eugene Island 10) and the Mary Rose leases from two companies for $100 million, adding 21 Bcfe of proved reserves. This lifts its working interest to 47.05% in Dutch and an average 53.21% in Mary Rose, bringing like-kind exchange purchases to $309 million, and a partly-owned subsidiary (Republic Exploration LLC) has handed its interests to the company directly. The company also said its board authorized Merrill Lynch to seek proposals to buy Dutch and Mary Rose; if an acceptable offer arrives, it would likely sell Contango to the buyer while spinning the remaining assets to shareholders in a new company, Contango Energy Company. Any deal is subject to terms, approvals and, if needed, a shareholder vote. Audited statements and pro forma information for the acquired interests are still to be filed (waiver requested April 8, 2008).
9 Apr 2008substantial holder notice● Neutral
Sellers Capital Master Fund, Ltd, Praetorian Value Fund LLC, Sellers Capital LLC reported a CONTANGO OIL & GAS CO shareholding of 1,952,038 shares (12.20% of votes) in a periodic institutional filing.
20 Feb 2008substantial holder notice● Neutral
Sellers Capital Master Fund, Ltd. disclosed a new substantial CONTANGO OIL & GAS CO shareholding (11.90% of votes).
15 Feb 2008director interest notice● Neutral
CONTANGO OIL & GAS CO director Jay D Brehmer disposed of 10,000 shares via option/appreciation-right settlement.
15 Feb 2008director interest notice● Neutral
CONTANGO OIL & GAS CO President & COO Marc Duncan disposed of 25,000 shares via option/appreciation-right settlement.
15 Feb 2008director interest notice● Neutral
CONTANGO OIL & GAS CO director Darrell W Williams disposed of 16,000 shares via option/appreciation-right settlement.
15 Feb 2008director interest notice● Neutral
CONTANGO OIL & GAS CO Sr Vice President & Controller Lesia Bautina disposed of 50,000 shares via option/appreciation-right settlement.
15 Feb 2008director interest notice● Neutral
CONTANGO OIL & GAS CO Vice President &Treasurer Sergio Castro disposed of 8,333 shares via option/appreciation-right settlement.
8 Feb 2008asset acquisition disposition▲ GoodMajor
The sale of Contango's 10% limited partnership interest in Freeport LNG Development LP to Turbo LNG LLC, an affiliate of Osaka Gas, closed on Feb 5, 2008 for $68 million. Of that, $20.3 million repaid the Royal Bank of Scotland debt and another $20.0 million repaid a private investment firm (the secured term loan with Centaurus Capital is the likely lender, an inference), leaving $27.7 million for working capital. Management says it now has over $150 million of cash and $60 million of available borrowing capacity, and still plans to put $109 million into a like-kind exchange. This completes the January 2008 agreement.