Contango Cites Proved Developed Reserves of 356.3 Bcfe

Contango's current net production is approximately 82 million cubic feet equivalent per day with its Mary Rose #2 well shut-in for a workover. The Company is currently drilling its Eugene Island 56 #1, High Country West, exploration prospect.

Contango's third party independent reserve report was recently updated as at March 31, 2009 and the Company has proved developed reserves of 356.3 Bcfe.

The company remains debt-free and has approximately $27.0 million of cash on hand, and $50.0 million of unused borrowing capacity.