Contango Reports Net Income of $112.4 Million for Q1

Contango Oil & Gas Company reported net income attributable to common stock for the three months ended March 31, 2008 of approximately $112.4 million, or $6.97 per basic share and $6.59 per diluted share, which included a gain on the sale of our 10% limited partnership interest in Freeport LNG Development LP of approximately $63.0 million, offset by a loss of approximately $3.0 million related to the sale and write-down of certain assets held by Contango Venture Capital Corporation. Additionally, the results include approximately $69.0 million of discontinued operations related to the sale of our Arkansas Fayetteville Shale properties. This compares to net income attributable to common stock for the three months ended March 31, 2007 of $156,490, or $0.01 per basic and diluted share.

The net income attributable to Contango common stock for the nine months ended March 31, 2008 was approximately $229.4 million, or $14.30 per basic share and $13.45 per diluted share, compared to a net loss attributable to common stock for the nine months ended March 31, 2007 of approximately $2.7 million, or $0.18 per basic and diluted share.

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