Contango Oil & Gas Co. entered into an asset purchase and sale agreement with White Star Petroleum LLC, White Star Petroleum II LLC, White Star Petroleum Operating LLC, White Star Petroleum Holdings LLC and WSP Finance Corp. to acquire certain assets and liabilities for approximately $132.5 million.
The assets to be acquired include 315,000 net acres of land located in the STACK, Anadarko and Cherokee operating districts in Oklahoma, according to an Oct. 1 SEC filing.
Contango Oil paid White Star $12.5 million as a deposit for the transaction, which is expected to close in the fourth quarter. The company has a remaining balance of $120.0 million, which is payable upon the completion of the deal.
Contango Oil is an independent energy company that explores for and develops crude oil and natural gas properties.
