American Oil and Gas Reporter - February 2021 - 19

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IndustryDigest
(Truitt), Mike and Pat Graham
demonstrated their ability to acquire and
develop assets in varied market
conditions with exceptional returns for
their investors. " ❒

Contango Closes Deals
For Producing Assets
With Low Decline Rates
FORT WORTH-Contango Oil &
Gas Co. reports it has completed its
acquisition of Mid-Con Energy
Partners LP.
When it announced the acquisition in
October, Contango praised Mid-Con's
oil-weighted assets, noting they had a
low production decline profile. The
company also said the acquisition would
enhance the combined entity's liquidity.
" 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 costcutting efforts that maximize shareholder

returns, " says Wilkie S. Colyer Jr.,
Contango's chief executive officer. " The
board and management team remain
committed to growing shareholder value
as we look for new opportunities in the
dislocated market environment. "
In a separate announcement, Contango
revealed it successfully acquired Silvertip
assets, including wells in the Big Horn,
Permian and Powder River basins, from a
bank for $58 million.
When it announced the transaction in
November, Contango said the assets
offered low-decline liquids production
requiring minimal maintenance capital.
" Since signing the purchase and sale
agreement, we have only grown more
excited by the producing reserves,
employees and upside the Silvertip
assets provide, " Colyer remarks. ❒

Gas Storage Levels
Fall By 641 Bcf
WASHINGTON-Underground
natural gas storage in the United States

stood at 2.689 trillion cubic feet on Jan.
29, 3.6% above the five-year average,
according to the U.S. Energy
Information Administration. That was
41 Bcf more than a year ago, when gas
storage stood at 2.648 Tcf.
According to EIA, gas storage in the
East Region was 582 Bcf on Jan. 29,
3.6% above the five-year average, but
27 Bcf less than it was a year ago.
Gas storage in the Midwest Region
stood at 719 Tcf on Jan. 29, 7.3% above
the five-year average and 16 Bcf less
than a year ago.
In the Mountain Region, EIA says,
gas storage was 158 Bcf on Jan. 29,
12.9% above the five-year average and
20 Bcf more than a year ago.
Gas storage in the Pacific Region
was 261 Bcf on Jan. 29, 19.7% above
the five-year average and up 51 Bcf
from a year ago.
In the South-Central Region, gas
storage levels on Jan. 29 were 970 Tcf,
7.7% above the five-year average and
up 14 Bcf from a year ago. ❒

FEBRUARY 2021 19


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American Oil and Gas Reporter - February 2021

Table of Contents for the Digital Edition of American Oil and Gas Reporter - February 2021

Contents
American Oil and Gas Reporter - February 2021 - 1
American Oil and Gas Reporter - February 2021 - Cover1
American Oil and Gas Reporter - February 2021 - Cover2
American Oil and Gas Reporter - February 2021 - Contents
American Oil and Gas Reporter - February 2021 - 4
American Oil and Gas Reporter - February 2021 - 5
American Oil and Gas Reporter - February 2021 - 6
American Oil and Gas Reporter - February 2021 - 7
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American Oil and Gas Reporter - February 2021 - 19
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American Oil and Gas Reporter - February 2021 - Cover3
American Oil and Gas Reporter - February 2021 - Cover4
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