Exhibit 99.1

STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2020 OF THE OIL AND NATURAL GAS

PROPERTIES ACQUIRED BY CONTANGO OIL & GAS COMPANY

ON FEBRUARY 1, 2021 FROM GRIZZLY OPERATING, LLC

Independent Auditor’s Report

Board of Directors and Members

Grizzly Energy, LLC

Houston, Texas

Opinion

We have audited the statement of revenues and direct operating expenses of the oil and natural gas properties (the “Properties”), as defined in Note 1, acquired on February 1, 2021 by Contango Oil & Gas Company, from Grizzly Operating, LLC, a wholly-owned subsidiary of Grizzly Energy, LLC (the “Company”), for the year ended December 31, 2020, and the related notes to the statement of revenues and direct operating expenses.

In our opinion, the accompanying statement of revenues and direct operating expenses present fairly, in all material respects, the revenues and direct operating expenses of the Properties for the year ended December 31, 2020, in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Statement of Revenues and Direct Operating Expenses section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

As described in Note 2, the accompanying statement of revenues and direct operating expenses were prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission and are not intended to be a complete presentation of the results of the operations of the Properties. Our opinion is not modified with respect to this matter.

Responsibilities of Management for the Statement of Revenues and Direct Operating Expenses

Management is responsible for the preparation and fair presentation of the statement of revenues and direct operating expenses in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the statement of revenues and direct operating expenses that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibilities for the Audit of the Statement of Revenues and Direct Operating Expenses

Our objectives are to obtain reasonable assurance about whether the statement of revenues and direct operating expense as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statement of revenues and direct operating expenses.

In performing an audit in accordance with GAAS, we:

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

The accompanying notes are an integral part of the statement of revenues and direct operating expenses.

STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES

OF THE OIL AND NATURAL GAS PROPERTIES ACQUIRED BY CONTANGO OIL &

GAS COMPANY ON FEBRUARY 1, 2021 FROM GRIZZLY OPERATING, LLC

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The Company reviewed events occurring after the date of the financial statement which could affect the Properties financial position and/or results of operations for the period. The Company reviewed and evaluated events through April 1, 2021, the date this financial statement was available to be issued.

The following purchasers accounted for 10% or more of the oil, natural gas and NGLs sales from the Properties during the year ended December 31, 2020:

Sales of oil, natural gas and NGLs are recognized at the point control of the product is transferred to the customer and collectability is reasonably assured. Virtually all of the contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of the oil or natural gas, and prevailing supply and demand conditions. As a result, the price of the oil, natural gas, and NGLs fluctuates to remain competitive with other available oil, natural gas, and NGLs supplies.

Oil sales

Oil sales contracts are generally structured in one of the following ways:

Natural gas and NGLs Sales

Under most of the natural gas processing contracts related to the Properties, natural gas is delivered to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity gathers and processes the natural gas and remits proceeds for the resulting sales of NGLs and residue gas. In these scenarios, an evaluation is made as to whether the seller is a principal or

an agent in the transaction. For those contracts where the seller is the principal and the ultimate third party is the customer, revenue is recognized on a gross basis, with transportation, gathering, processing and compression fees presented as an expense in the statement of revenues and direct operating expenses. Alternatively, for those contracts where it is concluded the seller is the agent and the midstream processing entity is the customer, natural gas and NGLs revenues is recognized based on the net amount of the proceeds received from the midstream processing.

In certain natural gas processing agreements, it may be elected to take the residue gas and/or NGLs in-kind at the tailgate of the midstream entity’s processing plant and subsequently market the product. Through the marketing process, product is delivered to the ultimate third-party purchaser at a contractually agreed-upon delivery point and a specified index price is received from the purchaser. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the index price received from the purchaser. The gathering, processing and compression fees attributable to the gas processing contract, as well as any transportation fees incurred to deliver the product to the purchaser, are presented as transportation, gathering, processing and compression expense in the statement of revenues and direct operating expenses.

Transaction price allocated to remaining performance obligations

A significant number of product sales are short-term in nature with a contract term of one year or less. For those contracts, the practical expedient in ASC 606-10-50-14 has been utilized providing an exemption from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

For product sales that have a contract term greater than one year, the practical expedient in ASC 606-10-50-14(a) is utilized which eliminates the requirement to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

Prior-period performance obligations

Revenue is recorded in the month production is delivered to the purchaser. However, settlement statements for certain natural gas and NGLs sales may not be received for 30 to 90 days after the date production is delivered, and as a result, estimation is required of the amount of production delivered to the purchaser and the price that will be received for the sale of the product. Differences are recorded between the estimates and the actual amounts received for product sales in the month that payment is received from the purchaser.

Direct operating expenses are recognized when incurred and consist of direct expenses of the Properties. The direct operating expenses include lease operating expenses, production taxes and transportation, gathering, processing and compression expense. Lease operating expenses include lifting costs, well repair expenses, facility maintenance expenses, well workover costs, and other field-related expenses. Lease operating expenses also include expenses directly associated with support personnel, support services, equipment, and facilities directly related to oil and natural gas production activities.

STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES

OF THE OIL AND NATURAL GAS PROPERTIES ACQUIRED BY CONTANGO OIL &

GAS COMPANY ON FEBRUARY 1, 2021 FROM GRIZZLY OPERATING, LLC

SUPPLEMENTAL OIL AND NATURAL GAS INFORMATION

(UNAUDITED)

OIL AND NATURAL GAS RESERVE INFORMATION

Proved oil and gas reserve quantities are based on internal estimates prepared by the Company in accordance with guidelines established by the Securities and Exchange Commission based on the 12-month unweighted first-day-of-the-month average prices as of December 31, 2020, with appropriate adjustments by property for location, quality, gathering and marketing adjustments..

There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production and timing of development expenditures. The following reserve data represents estimates only and should not be construed as being exact.

During the year ended December 31, 2020, the Company removed all proved undeveloped reserves related to the Properties that became uneconomic due to the decline in commodity prices.

STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES

OF THE OIL AND NATURAL GAS PROPERTIES ACQUIRED BY CONTANGO OIL &

GAS COMPANY ON FEBRUARY 1, 2021 FROM GRIZZLY OPERATING, LLC

SUPPLEMENTAL OIL AND NATURAL GAS INFORMATION

(UNAUDITED)

FUTURE NET CASH FLOWS EXCLUDING INCOME TAXES

The standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves (Standardized Measure) is a disclosure requirement under Accounting Standards Codification (ASC) 932. The Standardized Measure does not purport to be, nor should it be interpreted to present, the fair market value of the proved oil and natural gas reserves of the Properties, but does present a standardized disclosure concerning possible future net cash flows that would result under the assumptions used. An estimate of fair market value would also take into account, among other things, the recovery of reserves not presently classified as proved, the value of unproved properties, and consideration of expected future economic and operating conditions. Additionally, the standardized measure and changes in standardized measure presented here excludes income taxes as the tax basis of the properties is not applicable on a go forward basis.

For the December 31, 2020 calculation in the following table, estimated future cash inflows were computed using 2020 12-month unweighted average first-day-of-the-month prices of $39.57 per barrel of oil and $1.99 per Mcf for natural gas with no escalation in future years. Operating costs, production and ad valorem taxes and future development costs are based on current costs with no escalation in future years. As mentioned above, the standardized measure presented here excludes the effects of income taxes as the tax basis for the properties is not applicable on a going forward basis. The estimated future net cash flows are then discounted at a rate of 10%. No deduction has been made for general and administrative expenses, interest expense, depreciation, depletion and amortization or for federal or state income taxes.

The following table sets forth unaudited information concerning future net cash flows excluding income taxes for oil and natural gas reserves associated with the Properties.

STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES

OF THE OIL AND NATURAL GAS PROPERTIES ACQUIRED BY CONTANGO OIL &

GAS COMPANY ON FEBRUARY 1, 2021 FROM GRIZZLY OPERATING, LLC

SUPPLEMENTAL OIL AND NATURAL GAS INFORMATION

(UNAUDITED)

The following table sets forth the principal sources of change in discounted future net cash flows excluding income taxes associated with the Properties for the year ended December 31, 2020 (in thousands).

Exhibit 99.2

UNAUDITED PRO FORMA CONSOLIDATED COMBINED FINANCIAL STATEMENTS

The following unaudited pro forma consolidated combined financial statements present the historical consolidated financial statements of Contango Oil & Gas Company and subsidiaries (“Contango”), the historical consolidated financial statements of Michael Merger Sub LLC (successor to Mid-Con Energy Partners, LP) and subsidiaries (“Mid-Con”), and the historical statement of revenues and direct operating expenses of the oil and natural gas properties Contango acquired on February 1, 2021 from Grizzly Operating, LLC, referred to by Contango as the “Silvertip Acquisition” in previous SEC filings and press releases (“Grizzly”), adjusted to give effect to the following transactions (collectively, the “Transactions”):

The unaudited pro forma consolidated combined statement of operations for the year ended December 31, 2020 combines the historical consolidated statement of operations of Contango, the historical consolidated statement of operations of Mid-Con and the historical statement of revenues and direct operating expenses of the oil and natural gas properties Contango acquired in the Grizzly Acquisition, giving effect to the Transactions as if they had been consummated on January 1, 2020, the beginning of the earliest period presented. The unaudited pro forma consolidated combined balance sheet combines the historical consolidated balance sheet of Contango and the historical consolidated balance sheet of Mid-Con as of December 31, 2020, giving effect to the Transactions as if they had been consummated on December 31, 2020. The historical consolidated financial statements have been adjusted in the unaudited pro forma consolidated combined financial statements to give pro forma effect to events that are: (1) directly attributable to the Transactions; (2) factually supportable; and (3) with respect to the statement of operations, expected to have a continuing impact on Contango’s results following the completion of the Transactions.

The unaudited pro forma consolidated combined financial statements have been developed from and should be read in conjunction with:

The unaudited pro forma consolidated combined financial statements have been prepared assuming the Mid-Con Acquisition is accounted for as a business combination using the acquisition method of accounting under Financial Accounting Standards Board (“FASB”) ASC 805, Business Combinations (“ASC 805”) and assuming the Grizzly Acquisition is accounted for using the accounting for asset acquisitions under ASC 805. Under the acquisition method of accounting, the Mid-Con Acquisition will be recorded at fair value measured as of the acquisition date. Under the accounting for asset acquisitions, the Grizzly Acquisition will be recorded using a cost accumulation and allocation model under which the cost of the acquisition is allocated on a relative fair value basis to the assets acquired and liabilities assumed. The pro forma adjustments have been prepared as if the Transactions had taken place on December 31, 2020 in the case of the unaudited pro forma consolidated combined balance sheet and January 1, 2020 in the case of the unaudited pro forma consolidated combined statement of operations.

ASC 805 uses the fair value concepts defined in FASB ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 defines the term “fair value,” sets forth the valuation requirements for any asset or liability measured at fair value, expands related disclosure requirements and specifies a hierarchy of valuation techniques based on the nature of the inputs used to develop the fair value measures. Fair value is defined in ASC 820 as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” This is an exit price concept for the valuation of the asset or liability. In addition, market participants are assumed to be buyers and seller in the principal (or the most advantageous) market for the asset or liability. Fair value measurements for an asset assume the highest and best use by these market participants. Many of these fair value measurements can be highly subjective, and it is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts.

For business combinations under ASC 805, acquisition-related transaction costs are not included as a component of consideration transferred but are accounted for as expenses in the periods in which such costs are incurred, or if related to the issuance of debt, capitalized as debt issuance costs. Acquisition-related transaction costs incurred as part of the Transactions include advisory, legal and credit facility amendment fees. Equity issuance costs are netted against the offering proceeds. For asset acquisitions under ASC 805, acquisition-related transaction costs are capitalized as a component of the cost of the assets acquired.

The unaudited pro forma consolidated combined financial statements have been developed from and should be read in conjunction with (i) the accompanying notes to the unaudited pro forma combined financial statements (ii) Contango’s historical audited consolidated financial statements and related notes for the year ended December 31, 2020, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in the Contango Form 10-K, (iii) Mid-Con’s historical audited consolidated financial statements and related notes for the year ended December 31, 2020, which are included in Exhibit 99.1 to Contango’s Current Report on Form 8-K filed on March 10, 2021, and (iv) the historical audited statement of revenues and direct operating expenses of the oil and natural gas properties Contango acquired in the Grizzly Acquisition for the year ended December 31, 2020, which are included in Exhibit 99.1 to Contango’s Current Report on Form 8-K filed herewith.

The unaudited pro forma consolidated combined financial statements reflect adjustments, based on available information and certain assumptions that Contango believes are reasonable, attributable to the following:

The pro forma adjustments represent management’s estimates based on information available as of the date of this filing and are subject to change as additional information becomes available and additional analyses are performed. The pro forma financial statements are provided for illustrative purposes only and are not intended to represent what Contango’s financial position or results of operations would have been had the Mid-Con Acquisition and Grizzly Acquisition actually been consummated on the assumed dates nor do they purport to project the future operating results or financial position of Contango following the Mid-Con Acquisition and Grizzly Acquisition. The pro forma financial statements do not reflect future events that may occur after the Mid-Con Acquisition and Grizzly Acquisition, including, but not limited to, the anticipated realization of ongoing savings from potential operating efficiencies, asset dispositions, cost savings, or economies of scale that Contango may achieve with respect to the combined operations. Specifically, the pro forma statements of operations do not include the synergies expected to be achieved as a result of the Mid-Con Acquisition and Grizzly Acquisition and any associated costs that may be incurred to achieve the identified synergies. Additionally, Contango cannot assure that charges will not be incurred in excess of those included in the pro forma total consideration related to the Mid-Con Acquisition and Grizzly Acquisition, Contango’s efforts to achieve operational synergies, or that management will be successful in its efforts to integrate the operations. The pro forma statement of operations also excludes the effects of costs associated with any restructuring, integration activities, and asset dispositions that may result from the Mid-Con Acquisition and Grizzly Acquisition. Further, the pro forma financial statements do not reflect the effect of any regulatory actions that may impact the results of Contango following the Mid-Con Acquisition and the Grizzly Acquisition.

Assumptions and estimates underlying the pro forma adjustments are described in the accompanying notes, which should be read in conjunction with the unaudited pro forma consolidated combined financial statements. In Contango’s opinion, all adjustments that are necessary to present fairly the pro forma information have been made. The historical financial statements have been adjusted in the unaudited pro forma consolidated combined financial statements to give effect to the Transactions. These adjustments are directly attributable to the Transactions, factually supportable and, with respect to the unaudited pro forma consolidated combined statements of operations, expected to have a continuing impact on Contango following the Mid-Con Acquisition and the Grizzly Acquisition.

Pro Forma Adjustments to the Statement of Operations for the year ended December 31, 2020:

Pro Forma Adjustments to the Balance Sheet at December 31, 2020:

Oil and Natural Gas Reserve Quantities

The following tables provide a pro forma rollforward of the crude oil, natural gas, natural gas liquids and total proved reserves for the year ended December 31, 2020, as well as pro forma proved developed and undeveloped reserves at the beginning and end of the year, as if the Mid-Con Acquisition and the Grizzly Acquisition occurred on January 1, 2020. Proved reserves are the estimated quantities of oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions and current regulatory practices. Proved developed reserves are proved reserves which are expected to be produced from existing completion intervals with existing equipment and operating methods. For Contango and Mid-Con, proved oil and natural gas reserve quantities at December 31, 2020 and January 1, 2020 are based on estimates prepared by independent petroleum engineering consultants, and for Grizzly, proved oil and natural gas reserve quantities at December 31, 2020 and January 1, 2020 are based on internal estimates prepared by Grizzly. All estimates have been prepared in accordance with guidelines established by the Securities and Exchange Commission, including prices based on the first-day-of-the-month prices for the previous 12 months.