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Contango Oil & Gas Company (MCF)

NYSE American - NYSE American Delayed Price. Currency in USD
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3.2200-0.1600 (-4.73%)
At close: 04:00PM EST
3.3600 +0.14 (+4.35%)
After hours: 04:55PM EST
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  • O
    Outofjailsoon
    Absolutely horrendous. I don't care if crgy gains 100% in the next month. The damage is done. We, the shareholders, have been completely hosed. A complete debacle.
  • s
    steve
    CRGY will be ringing the bell at the nyse this week and will start trading Wednesday. Sell off is a joke. Pipeline is packed with prospects. Right now it hurts like hell, but the people that are truly invested in building a great company are still there and working their tails off.
    Bullish
  • O
    Outofjailsoon
    I wish they had a vote at the shareholder meeting to replace all management. Pretty sure they would all get voted out after this disastrous year.
  • S
    Steven
    There Hedged at lower cost oil so drop in oil shouldn’t matter why does it drop so much when oil drops
  • B
    Bee
    $AMPY conversation
    Amplify $AMPY is priced for bankruptcy due to recent oil spill and prior Ch. 11 in 2016. They always ran this company on the edge -- not leading edge, BLEEDING edge as in cash bleeding. Fully expect it to go bankrupt a second time in 2022 second half. $GTE is another candidate that will also likely end up bankrupt, despite strong production growth. Just no future for these small caps due to continued political uncertainty. Maybe add $MCF to that list as another that will disappear -- due to a private equity merger.
  • O
    Outofjailsoon
    I keep buying with all my stop loss orders that keep triggering. Just deja vu over and over again. Sad. Management and Goff are to blame. No way to spin it. They are the reason for the massive underperformance.
  • s
    steve
    I am still a buyer. When I went to the shareholder meeting three years ago I got to meet with Colyer and Goff and was impressed by the quality of their character. That meeting gave me the faith I needed when this thing fell to less than $1 to not only hold, but buy into it. Ended up accumulating over 300k shares with a cost basis of under $2. I did sell a few when it got over $6, but am still holding a significant number of shares and bought some more this week after earnings. The world has changed alot in the last three years so I am looking forward to going to Ft. Worth in two weeks and reassessing where things stand. Goff's play all along has not been to gamble on timing major upswings, but instead to consolidate on the downturns. All it takes is one financial meltdown and half of these oil companies are toast... then you will see the price of crude really soar and CRGY make a killing. Right now Goff looks foolish given the appearance of missing out on the spike in prices currently, but given the geopolitical climate with some countries turning their noses up to fossil fuels and countries like Russia using energy as a weapon I would expect there to be volatility that will swing both ways. Needless to say I think this pandemic probably accelerated the timeline for that volatility more than most people expected... the KKR merger is probably a way to fast track their plans, at some expense for sure, but not in the long term. Goff is not sold out. He has $10s of millions in this thing and he is not interested in handing it over to KKR. Colyer won't be the CEO of a major energy company because he is a finance guy... He worked for Goff Capital before Contango and has simply been busting his butt on the project Goff assigned him. He said as much in comments. The timeline for this thing is 3-5 years. Will keep you posted on my impression after the 6th.
    Bullish
  • C
    Carol
    Calculation of the value of the equity based on reserves:
    $2.704 million-value of developed reserves before discount for present value
    $1,312 million-less discount for present value
    $1,392 million-PV-10
    $ 908 million less debt
    $ 484 million=equity value of company based on PV-10 less debt.

    Problem: I can't figure out how many shares will be outstanding. Also what are noncontrolling interests? then the proforma reflects $814 million in preferred shares which is greater than the PV-10, net of debt.

    I profess to being confused as to what the PV-10 value of MCF shares is worth??? Any help would be appreciated.

    See pages 206-207 and footnote in the prospectus.
  • F
    Frank
    Looked at the prospectus. Combined New Company will have a $18.23 book value. Now, take .20 share (is what your current Contango share is worth in New Company) x $18.23 = $3.65 book value. If you purchased over $3.65 that's a thin margin compared to Friday close (disclaimer: my BV is $3.70). Watch what happens Tuesday - Friday next week, the market makers/Arbitrage boys will tell you if my analysis correct because the closing price should be no less than $3.55 -$3.65 by the end of the week. Good Luck to all!!!
  • S
    STEVE
    The Merger is on Tuesday December 7, how do the 12.5m shorts cover by then?
  • S
    Steven
    Hahahaha some merger
  • S
    Steven
    Earnings today what time ??
  • S
    Steven
    Nice article on MCF price due to hedged oil into 2023 under valuation compared to peers $6 upside which is still a joke Seeking Alpha the way oil is trading Goff took huge risk in Hedged oil my opinion as a long time shareholder I’m not happy with $6 please close deal already company needs change of direction
  • O
    Outofjailsoon
    Click to view the GIF
    Click to view the GIF
    c.tenor.com
  • T
    Thomas
    Seems like KKR does'n't lose no matter what. They are now backing hydrogen energy. How much support is MCF going to get from these people if they complete the merger?

    SK Group received a $2 billion boost from U.S. private equity giant KKR, which would help fuel the South Korean conglomerate’s plans to become a hydrogen powerhouse amid pressure to reduce carbon emissions.
  • O
    Outofjailsoon
    3Q press release should be on the 15th according to IR.
  • C
    CPA to the Stars
    Is it just me or does MCF seem to drop when the price of oil drops a little but it doesn't rise when the price of oil rises - even though the price of oil and gas should be mostly irrelevant in the short-term?
  • K
    KR
    oil at $90 and MCF still at $4.50, want to know WHY? cuz mgmt hedged their production thru 2022 at around $53/bbl oil and $3 for gas! incredible. Sell MCF, Buy CLR which has NO hedges and the numbers for the 3rd qtr will be huge!
  • O
    Outofjailsoon
    Took all trade money out. Plan was to keep it in until trading in 6's but that hasn't came to fruition due to managements failures. Will trade strategically now to benefit my long position.
  • F
    Frank
    Isn’t anyone a little concerned where this Price is heading…..all the pumpers seem to be silent. And, without the merger, if my calculations are correct, the share price should trading closer the PV-10 of $4 per share.
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