Following an investment into Houston-based Contango Oil & Gas Co. (NYSE American: MCF), Fort Worth’s John C. Goff has been appointed as a director of the company.
The company also announced that Wilkie S. Colyer, Jr. has also been appointed as a director and that Allan D. Keel, president, CEO and a director, is leaving the company.
Colyer has been appointed interim president and CEO effective immediately. At the request of the Board of Directors, Joseph J. Romano, chairman of the Board of Contango, intends to take a more active role in the executive management and oversight of the company in order to assist Colyer.
Goff, a private investor and co-founder and chairman of Crescent Real Estate Holdings, a privately held real estate organization, recently acquired approximately 18.3 percent of the outstanding Contango common stock. Colyer has been with Goff Capital, the family office of John C. Goff, for over ten years, where he has been responsible for the firms’ energy investments.
“We are thrilled that John Goff has made a strategic investment in Contango and become our largest shareholder,” said Romano. “Over the last couple months, our directors have had multiple discussions with John and Wilkie regarding their investment in Contango. We were impressed by their ideas for the future of Contango and their willingness to step up and fully engage in finding solutions for current issues, improving processes and outcomes and developing new goals for this Company to increase its value to its shareholders. Wilkie brings significant expertise to the position of Interim President and CEO having been involved in numerous successful energy related investments with John.”
Contango is an independent energy company whose business is to maximize production from its shallow offshore Gulf of Mexico properties and onshore properties in Texas and Wyoming, and to use that cash flow to explore, develop, exploit, produce and acquire crude oil and natural gas properties in the Texas and Rocky Mountain regions of the United States.
“We have followed the Contango story for some time and believe this is a very attractive platform for long term growth,” said Goff in a statement. “I am very confident in Wilkie’s ability to take decisive action in the short term and help craft and execute a successful long-term strategy.”