By Ryan Dezember Sept. 30, 2019 3:36 pm ET .
“There are far too many small public companies, ourselves included,” Mr. Goff said in an interview. “Either they need to be consolidated or they need to go away.” U.S. oil prices lost 3.3% to close at $54.07 a barrel on Monday, bringing them below levels before the Sept. 14 attacks on Saudi oil production facilities that sparked the rally in crude.
The shares traded Monday at $2.65—up 7% on the session and 170% on the month. They started September under a dollar. “Everyone else is sitting around playing defense,” said Wilkie Colyer, a lieutenant of Mr. Goff who was installed as Contango’s chief executive last summer. “The entire exploration and production space needs to enter into a huge wave of consolidation.”
Mr. Goff first reported a stake in Contango last summer. He bought more than 18% of the company’s shares when they were trading for more than $4 and pushed the company to cut costs, particularly at its headquarters.
This is just amazing to see the strengths of people in real estate and what people should want to become
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