An investigation on behalf of investors of Crimson Exploration Inc. (NASDAQ:CXPO) in connection with the proposed takeover was announced and NASDAQ:CXPO stockholders should contact the Shareholders Foundation.

San Diego, CA -- (SBWire) -- 05/08/2013 --An investigation on behalf of investors in Crimson Exploration Inc. (NASDAQ:CXPO) shares was announced concerning whether the offer by Contango Oil & Gas Company to acquire Crimson Exploration Inc. for approximately $3.19 per NASDAQ:CXPO share and the takeover process are unfair to investors in NASDAQ:CXPO shares.

Investors who purchased shares of Crimson Exploration Inc. (NASDAQ:CXPO) prior to April 29, 2013, and currently hold any of those NASDAQ:CXPO shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of Crimson Exploration Inc. breached their fiduciary duties owed to NASDAQ:CXPO investors in connection with the proposed acquisition.

On April 30, 2013, Contango Oil & Gas Company (NYSE MKT: MCF) and Crimson Exploration Inc. (NasdaqGM: CXPO) announced that they have signed a merger agreement for an all-stock transaction pursuant to which Crimson Exploration would become a wholly owned subsidiary of Contango Oil & Gas Company. Upon consummation of the merger, each share of Crimson Exploration stock will be converted into 0.08288 shares of Contango Oil & Gas Company stock resulting in Crimson stockholders owning 20.3% of the post-merger Contango. Under the terms of the proposed transaction, Crimson Exploration stockholders will receive per-share consideration consisting of 0.08288 shares of Contango Oil & Gas Company common stock for each Crimson Exploration share. Based on Contango Oil & Gas Company’s closing stock price on April 29, 2013, this transaction represents an implied price per share for Crimson of $3.19.

However, given that shares of Crimson Exploration Inc. (NASDAQ:CXPO) traded as recently as April 11, 2013 as high as 3.55 per share and that at least one analyst has set the high target price for NASDAQ:CXPO shares at $6.00 per share, the investigation a law firm concerns whether the offer is too low for NASDAQ:CXPO stockholders.

More specifically, given that the Estate of Kenneth R. Peak,Brad Juneau, members of the management teams of Contango and Crimson, and affiliates of Oaktree Capital Management (Crimson’s largest stockholder) have all entered into voting agreements in support of the transaction, the investigation focuses on whether the Crimson Exploration Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Crimson Exploration Inc. reported that its annual Total Revenue rose from $95.93 million to $115.90 million.

On May 7, 2013, NASDAQ:CXPO shares closed at $3.15 per share.

Those who are current investors in Crimson Exploration Inc. (NASDAQ:CXPO), have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com