Contango Oil & Gas rises on merger with KKR's Independence, NYSE listing plans

RedHawk Holdings

08/06/2021 12:22

** Shares of oil & gas co  MCF.A  rise 4.8% to $5.89
premarket, even as oil prices slip  CLc1   O/R 
    ** KKR & Co's  KKR.N  Independence Energy LLC and MCF to
merge in an all-stock deal with an enterprise value of about
$5.7 bln  urn:newsml:reuters.com:*:nL3N2NQ2HL
    ** Independence shareholders to own ~76% of the combined co,
while MCF investors will own the rest
    ** Combined co is expected to produce 108,000 barrels of oil
equivalent per day (boepd) to 114,000 boepd in 2022 
    ** Co likely to operate under a new name and a new ticker
symbol and plans to list on the New York Stock Exchange    
    ** MCF stock has surged ~145% this year as of last close,
broadly benefiting from a vaccine-fueled recovery in oil and gas
demand

 (Reporting by Aaron Saldanha)
 ((Aaron.Saldanha@thomsonreuters.com; +91 9810644993; Reuters
Messaging: Aaron.Saldanha@thomsonreuters.com@reuters.net))