Contango Oil & Gas Company (NYSE Amex:MCF) announced today that the following directors were elected at the annual meeting of stockholders held on December 1, 2010:
   
Kenneth R. Peak
B.A. Berilgen
Jay D. Brehmer
Charles M. Reimer
Steven L. Schoonover
 

Immediately following the annual meeting of stockholders, the Company’s board of directors appointed the following officers of the Company:
                     

Name

Office
Kenneth R. Peak Chairman of the Board and Chief Executive
Officer
Marc Duncan Safety, Environmental and Regulatory Compliance Officer
(SEARCO)
Sergio Castro Vice President, Chief Financial Officer, Treasurer
and Secretary
Yaroslava Makalskaya Vice President and Controller
Charles Cambron Vice President of Operations
 

Additionally, the Company is pleased to announce that effective as of the close of business on Monday, November 22, 2010, we are a member of the S&P SmallCap 600. Introduced in 1994, the S&P SmallCap 600 index is designed to be an efficient portfolio of companies that meet specific inclusion criteria to ensure that they are investable and financially viable.

As of December 1, 2010, we had no debt, approximately $43 million in available cash and cash equivalents, $40.0 million of unused borrowing capacity, and were producing at a rate of approximately 104 million cubic feet equivalent per day, net to Contango.

Kenneth R. Peak, the Company’s Chairman and Chief Executive Officer, said, “I’d like to thank everyone who took the time to vote in electing the Company’s board of directors. Under the SEC’s new voting rules it is increasingly important for all shareholders to vote since “broker non-votes” are no longer counted as a vote for the Board.”

Mr. Peak continued, “The Board has created a new position, Safety, Environmental and Regulatory Compliance Officer, or SEARCO. Marc Duncan will head this new position and also serves as the Vice Chairman of our Operating Committee, which meets weekly. Marc’s entire focus will be to ensure our continuing safe and environmentally protected operations as well as compliance with all state and federal regulations. This is a new full-time job and Marc’s bonus will be 100% related to Contango’s achievement of our safety, environment and regulatory compliance functions.

“I will be speaking on December 7, 2010 to the American Association of Drilling Engineers. A copy of my presentation will be available on our website.”

Contango is a Houston-based, independent natural gas and oil company. The Company’s core business is to explore, develop, produce and acquire natural gas and oil properties primarily offshore in the Gulf of Mexico. Additional information can be found on our web page at www.contango.com .

This press release contains forward-looking statements regarding Contango that are intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on Contango’s current expectations and includes statements regarding acquisitions and divestitures, estimates of future production, future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", “projects”, "anticipates", "plans", "estimates", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). Statements concerning oil and gas reserves also may be deemed to be forward looking statements in that they reflect estimates based on certain assumptions that the resources involved can be economically exploited. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those, reflected in the statements. These risks include, but are not limited to: the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather such as hurricanes and other natural disasters); uncertainties as to the availability and cost of financing; fluctuations in oil and gas prices; risks associated with derivative positions; inability to realize expected value from acquisitions, inability of our management team to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change or governmental approvals may be delayed or withheld. Additional information on these and other factors which could affect Contango’s operations or financial results are included in Contango’s other reports on file with the Securities and Exchange Commission. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

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