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Contango Reports Year-End Results And Updates Operations

Contango Oil & Gas Company (NYSE Amex: MCF) reported natural gas and oil sales from continuing operations for the fiscal year ended June 30, 2011 of approximately $203.8 million, compared to $159.0 million for the same period last year. The Company reported net income attributable to common stock for the year ended June 30, 2011 of approximately $65.0 million, or $4.15 per basic share and $4.14 per diluted share, which included approximately $1.6 million of income from discontinued operations, or $0.10 per basic and diluted share, related to the sale of our Conterra Company assets and the distribution of Contango ORE, Inc. This compares to net income attributable to common stock for the year ended June 30, 2010 of approximately $49.7 million, or $3.14 per basic and $3.08 per diluted share, which included a loss from discontinued operations of approximately $0.5 million, or $(0.03) per basic and diluted share.

For the three months ended June 30, 2011, natural gas and oil sales from continuing operations were approximately $48.9 million, up from $40.1 million for the three months ended June 30, 2010. Contango had net income attributable to common stock of approximately $17.5 million, or $1.12 per basic and diluted share, compared to net income attributable to common stock for the three months ended June 30, 2010 of approximately $15.4 million, or $0.97 per basic and $0.95 per diluted share.

For the remainder of fiscal year 2012, our capital expenditure budget calls for us to invest approximately $81.4 million. Of this, we expect to invest approximately $50 million to drill two wildcat exploration wells in the Gulf of Mexico, at an estimated dry hole cost of approximately $25 million each, net to Contango, subject to permitting approval by the Bureau of Ocean Energy Management, Regulation and Enforcement. We also plan to invest approximately $19.6 million in Alta Energy Partners, LLC, and $11.8 million to complete payment on several capital projects.

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