Contango O&G Increases Revenues, Sees Income Decline

Contango Oil & Gas reported revenues from sales of natural gas, oil and natural gas liquids for the three months ended March 31, 2009 of approximately $36.1 million, compared to $20.8 million for the same period last year. The Company reported net income from continuing operations for the three months ended March 31, 2009 of approximately $0.8 million, or $0.05 per basic and diluted share. This compares to net income from continuing operations for the three months ended March 31, 2008 of $43.8 million or $2.69 per basic share and $2.56 per diluted share.

For the nine months ended March 31, 2009, the Company reported revenues from sales of natural gas, oil and natural gas liquids of approximately $154.4 million, compared to $47.3 million for the same period last year. The Company reported net income from continuing operations for the nine months ended March 31, 2009 of approximately $50.7 million, or $3.06 per basic share and $3.01 per diluted share. This compares to net income from continuing operations for the nine months ended March 31, 2008 of $56.6 million or $3.45 per basic shares and $3.30 per diluted share.

The Company is currently producing approximately 101 million cubic feet equivalent per day, net to Contango. Our Mary Rose #2 well is shut-in and undergoing a workover.

The Company has $27.0 million of cash and no debt.
 

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