This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Contango Reports First 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 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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASDAQ 5,097.9760 -8.6170 -0.17%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs