Contango announced that the Company's wholly-owned subsidiary, Contango Operators, was the apparent high bidder on three lease blocks at the Central Gulf of Mexico Lease Sale No. 213. The Company bid $3,017,777 on Ship Shoal 121, $277,777 on Ship Shoal 122 and $3,017,777 on Vermillion 170.
An apparent high bid gives the bidding party priority in award of offered tracts, notwithstanding the fact that the Minerals Management Service may reject all bids for a given tract. The MMS review process can take up to 90 days on some bids. Upon completion of that process, final results for all AHBs will be known.
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