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Contango Reports Third Quarter Results

Contango Oil & Gas Company (NYSE Amex: MCF) reported revenues from sales of natural gas, oil and natural gas liquids for the three months ended March 31, 2011 of approximately $55.3 million, compared to $37.8 million for the same period last year. The Company reported net income attributable to common stock for the three months ended March 31, 2011 of approximately $16.8 million, or $1.07 per basic and diluted share. This compares to net income attributable to common stock for the three months ended March 31, 2010 of approximately $1.7 million, or $0.11 per basic and diluted share, which includes a loss of approximately $0.2 million, or $0.02 per basic share and $0.01 per diluted share, attributable to discontinued operations, as a result of the Company distributing its wholly-owned subsidiary, Contango ORE, Inc., to the Company’s shareholders on November 29, 2010.

For the nine months ended March 31, 2011, the Company reported revenues from sales of natural gas, oil and natural gas liquids of approximately $161.7 million, compared to $119.5 million for the same period last year. The Company reported net income attributable to common stock for the nine months ended March 31, 2011 of approximately $47.5 million, or $3.03 per basic share and $3.02 per diluted share, which includes income of approximately $1.1 million, or $0.07 per basic and diluted share, attributable to discontinued operations. This compares to net income attributable to common stock for the nine months ended March 31, 2010 of $34.3 million or $2.17 per basic share and $2.12 per diluted share, which includes a loss of approximately $0.4 million, or $0.02 per basic share and $0.03 per diluted share, attributable to discontinued operations.

Our capital expenditure budget for the remainder of calendar year 2011 is approximately $69.3 million, consisting of the following:

  • Investing $20.0 million to drill our Ship Shoal 134 (Eagle) prospect;
  • Investing $20.0 million in our joint venture with Alta Resources, LLC;
  • Investing $17.3 million to complete Vermilion 170;
  • Investing $6.2 million to recomplete our Eloise South well uphole in the CibOp section (our Dutch #5 well);
  • Investing $5.0 million to drill and complete our Rexer-Tusa #2 well;
  • Investing $0.8 million to workover our Eloise North well;

Should the Company have exploration success with any of its offshore exploration wells, our capital expenditure budget will be significantly increased.

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