Contango O&G Cites 1Q Results

Contango O&G reported revenues from sales of natural gas, oil and natural gas liquids for the three months ended March 31, 2010 of approximately $37.8 million, compared to $36.1 million for the same period last year. The Company reported net income attributable to common stock for the three months ended March 31, 2010 of approximately $1.7 million, or $0.11 per basic share and diluted share. This compares to net income attributable to common stock for the three months ended March 31, 2009 of approximately $0.8 million or $0.05 per basic and diluted share.

For the nine months ended March 31, 2010, the Company reported revenues from sales of natural gas, oil and natural gas liquids of approximately $119.5 million, compared to $154.4 million for the same period last year. The Company reported net income attributable to common stock for the nine months ended March 31, 2010 of approximately $34.3 million, or $2.17 per basic share and $2.12 per diluted share. This compares to net income attributable to common stock 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.

Kenneth R. Peak, the Company's Chairman and Chief Executive Officer said, "Despite drilling two dry holes and incurring $22.8 million of exploration expenses, as well as having about 65% of our production shut-in for over a month due to a pipeline rupture, we were profitable for the quarter. A major contributor to our profitability was the strong natural gas and crude oil prices we enjoyed in the quarter with an average price of $7.07 per Mcfe. We remain on target to have a log on our Eloise South prospect by the end of May 2010, and anticipate beginning production at our Ship Shoal 263 discovery before the end of July 2010."

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