Contango Oil & Gas Company announced the appointment of two new directors, John C. Goff and Wilkie S. Colyer, Jr., and also announced that Allan D. Keel, President and Chief Executive Officer and a director, is leaving the company to pursue other business interests. Mr. Colyer has been appointed Interim President and Chief Executive Officer effective immediately. At the request of the Board of Directors, Mr. Joseph J. Romano, Chairman of the Board of company, intends to take a more active role in the executive management and oversight of the company in order to assist Mr. Colyer.

Mr. Goff is a private investor based in Fort Worth, Texas and co-founder and Chairman of Crescent Real Estate Holdings. Through family and investment entities controlled by him, Mr. Goff recently acquired approximately 18.3% of the outstanding Contango common stock. Mr. 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.

Mr. Keel has resigned from his positions as President and Chief Executive Officer and as a director of the company effective immediately. Mr. Keel had held his positions with Contango since its merger with Crimson Exploration Inc. in October 2013. Wilkie S. Colyer, Jr, joined Goff Capital, the family office of John Goff, in 2007.

Most recently, he served as Principal for Goff Capital Inc. and Senior Vice President, Investments of Goff Focused Strategies LLC. John C. Goff is a private investor based in Fort Worth, Texas. Mr. Goff, age 62, joined the late financier and well-known fund manager Richard Rainwater in 1987, investing in public securities, private equity and distressed debt in a variety of industries, including oil and gas, health care, insurance and banking.

Under Mr. Goff's leadership as Vice Chairman and CEO, Crescent grew from approximately $500 million at its IPO to $6.5 billion upon its sale to Morgan Stanley in August 2007.