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Contango Reports First Quarter Results

Stocks in this article: MCF

Contango Oil & Gas Company (NYSE Amex:MCF) reported revenues from sales of natural gas, oil and natural gas liquids for the three months ended September 30, 2011 of approximately $44.2 million, compared to $53.1 million for the same period last year. This decrease of $8.9 million was attributable to reduced production from our wells (see table below).

The Company reported net income attributable to common stock for the three months ended September 30, 2011 of approximately $14.9 million, or $0.95 per basic and diluted share. This compares to net income attributable to common stock for the three months ended September 30, 2010 of approximately $18.9 million, or $1.21 per basic share and $1.20 per diluted share, which includes a loss of approximately $0.9 million, or $0.06 per basic share and diluted share, attributable to discontinued operations from the sale of our Conterra Company assets and the distribution of Contango ORE, Inc. stock.

The table below sets forth average prices and daily production data in Mmcfed from our wells for the three months ended September 30, 2010 and September 30, 2011, and average daily production for the month ended October 31, 2011 and as of November 3, 2011:

  Three Months Ended   Month of   As of  
Production September 30, 2010   September 30, 2011 October 2011 November 3, 2011
Dutch and Mary Rose Wells 76.3 59.5 62.8 66.8
Eloise North and South (Dutch #5) 4.2 3.7 2.2 2.4
Ship Shoal 263 Well (Nautilus) 16.7 7.6 12.8 - *
Vermilion 170 Well (Swimmy) - 2.3 16.2 16.5
Non-operated wells   -   0.3 0.3 0.3
97.2 73.4 94.3 86.0
Average sales price ($/Mmcfe) $ 5.94 $ 6.54

* As at November 3, 2011, we were producing approximately 86.0 Mmcfed, without any production from Ship Shoal 263 which was temporarily shut-in due to a leak on a third-party owned and operated pipeline. On November 8, 2011, this well resumed production at 12.3 Mmcfed.

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