Wohl & Fruchter LLP Announces Lawsuit Filed on Behalf of Crimson Exploration Shareholders Challenging the Merger of Crimson Exploration and Contango Oil & Gas Company

The law firm of Wohl & Fruchter LLP announces that a class action lawsuit has been filed in the Court of Chancery of the State of Delaware on behalf of the public stockholders of Crimson Exploration Inc. (Crimson) (NASDAQ: CXPO) against Crimson’s Board of Directors (Board) for breaches of fiduciary duties arising out of its attempt to sell Crimson to Contango Oil & Gas Company (Contango) by means of an unfair process and for an unfair price.

Any CXPO shareholder wishing to discuss this lawsuit or having any questions concerning your rights or interests, may contact our Firm by calling 866.582.8140, or contacting the attorney below.

The complaint in the lawsuit alleges that the consideration offered to Crimson shareholders in connection with the proposed merger significantly undervalues Crimson in light of the substantial upside potential of Crimson’s drilling locations, including oil wells in the Woodbine and Buda plays in Texas.

The complaint further alleges that, instead of looking out for the interests of shareholders, Defendant Allan D. Keel, Crimson’s CEO and President, and Mr. E. Joseph Grady, Crimson’s CFO, looked out for their own interests by negotiating new employment agreements to continue in their current roles at the combined company.

Finally, the complaint alleges that, under the merger agreement, the Crimson Board agreed to onerous deal protection devices that operate to make the proposed merger virtually a fait accompli and ensure that no competing offers are likely to emerge for Crimson, including a strict “no shop” provision and a $7 million termination fee payable to Contango if Crimson pursues a competing offer.

Additional information is available at http://www.wohlfruchter.com/cases/cxpo.

Crimson shareholders with questions about the lawsuit, and their rights, are invited to contact our Firm by calling 866.582.8140, or contacting the attorney below.

About Wohl & Fruchter

Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.

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