Contango Oil & Gas Company Enters Into Letter of Intent to Acquire Up to 50% of Tri-Union Development Corporation.Business & Energy Editors HOUSTON--(BUSINESS WIRE)--Jan. 22, 2001 Contango Contango When the futures price is above the expected future spot price. Consequently, the price will decline to the spot price before the delivery date. Notes: This is the opposite of backwardation. Oil & Gas Company (AMEX AMEX See: American Stock Exchange :MCF) announced today that it has entered into a letter of intent with Tri-Union Development Corporation to acquire up to a 50% equity interest in Tri-Union involving the payment of $5 million in cash and the issuance by Contango of approximately 1.5 million common shares. Tri-Union is a Houston-based crude oil and natural gas exploration and production company. It operates in California, Texas, Louisiana and offshore in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . In March 2000, Tri-Union filed for protection under Chapter 11 of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code Bankruptcy Code may refer to:
The consummation of the transaction is subject to numerous conditions, including execution of definitive agreements between the parties, conclusion of satisfactory arrangements with Tri-Union lenders and creditors, confirmation by the bankruptcy court of a plan of reorganization for Tri-Union satisfactory to Contango, and receipt of third party consents. Contango is a Houston-based, development stage, independent natural gas and oil company. The Company explores and acquires oil and gas properties primarily in the onshore Gulf Coast and offshore Gulf of Mexico. Additional information can be found on our Web page at www.contango-oandg.com. This news release contains forward-looking statements within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties including uncertainties related to oil and gas exploration risks, price volatility, production levels, successful negotiations with other parties, capital availability, operational and other risks, uncertainties and factors described from time to time in the Company's publicly available SEC reports. In light of these risks and uncertainties, the forward-looking events described in this release might not occur. |
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