Contango Drills 4th Successful Well at Mary Rose in the GOM

Contango Oil & Gas Company announced a successful well at its Mary Rose prospect located in Louisiana state waters at State Lease No. 18860. This is the fourth well the company has drilled on its Mary Rose prospect (Mary Rose #4), and the seventh and final well in its Dutch and Mary Rose discoveries.

The well is located approximately six miles off the coast of Louisiana and was drilled by Contango Operators, Inc., a wholly-owned subsidiary of the Company.

The Company expects to complete and test this well before the end of June 2008, and expects the well to begin flowing to our recently completed platform at Eugene Island 11 before the end of July 2008.

Contago has a working interest of approximately 34.6% and a net revenue interest of approximately 25.5% in the Mary Rose #4, and an overall average working interest of approximately 47.9% and a net revenue interest of approximately 36.8% in all of Dutch and Mary Rose.

Kenneth R. Peak, Contango's Chairman and CEO, 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, and will announce reserve estimates for the Dutch and Mary Rose fields at that time."


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