Independence Energy and Contango Oil & Gas announced today an all-stock merger that will create a company with an estimated enterprise value of almost $5.7 billion. Independence shareholders will own 76% of the combined company which is to be headquartered in Houston. Contango shareholders will own the remainder. The two companies combined production for the first quarter was approximately 111,000 BOE/D and their combined decline rate for the year is estimated to be 18%. On a pro forma basis, the 2020 booked reserves show a commodity breakdown of 47% oil, 15% natural gas liquids, and 38% natural gas.