Contango Oil & Gas announced that its Mary Rose #2 well in Louisiana state waters at State Lease No. 19266 has been successfully completed and production tested at a rate of approximately 29 million cubic feet equivalent per day ("Mmcfe/d"). The Company's net revenue interest in Mary Rose #2 is 38.67%. The Mary Rose #2 is expected to begin producing by the end of June 2008 to the Company's recently completed platform at Eugene Island 11.
The Company's Mary Rose #1 and #3 wells are currently producing at a combined 8/8ths rate of approximately 107 Mmcfe/d, while its three Dutch wells are currently producing at a combined 8/8ths rate of approximately 79 Mmcfe/d, for a total of 186 Mmcfe/d (approximately 72.5 Mmcfe/d net to Contango).
Kenneth R. Peak, the Company's Chairman and Chief Executive Officer, said, "We remain on target to open our data room for the potential sale of Contango Oil & Gas Company prior to the end of June 2008."
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