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Contango Reports First Quarter Results

Contango Oil & Gas Company (NYSE MKT: MCF) reported revenues from sales of natural gas, oil and natural gas liquids for the three months ended September 30, 2012 of approximately $29.8 million, compared to $44.2 million for the same period last year. This decrease of $14.4 million was attributable to reduced production from our wells and lower prices received for natural gas, condensate, and natural gas liquids sales.

The table below sets forth average prices and daily production data in Mmcfed from our wells for the three months ended September 30, 2012 and September 30, 2011, and production as of November 1, 2012:

               
Three Months Ended As of
September 30,         September 30, November 1,
Production 2011 2012 2012
Dutch and Mary Rose Wells 63.1 54.2 63.9
Ship Shoal 263 Well (Nautilus) 7.7 3.5 2.5
Vermilion 170 Well (Swimmy) 2.3 10.5 13.3
Non-operated wells   0.4   - -
73.5 68.2 79.7
 
Average sales price ($/Mmcfe) $ 6.54 $ 4.74
 

The Company reported a net loss attributable to common stock for the three months ended September 30, 2012 of approximately $27.5 million, or $1.80 per basic and diluted share. This compares to net income attributable to common stock for the three months ended September 30, 2011 of approximately $14.9 million, or $0.95 per basic share and diluted share, which includes a loss of approximately $0.7 million, or $0.04 per basic share and diluted share, attributable to discontinued operations from the sale of our Rexer #1 and Rexer-Tusa #2 wells in October 2011.

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