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, 2011:

Kenneth R. PeakB.A. BerilgenJay D. BrehmerCharles M. ReimerSteven L. Schoonover

Additionally, the Company’s board of directors has 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, Controller and Chief Accounting Officer
Charles Cambron Vice President of Operations
 

As of December 1, 2011, we had no debt, approximately $120 million in net available cash, $40.0 million of unused borrowing capacity, and were producing at a rate of approximately 86 million cubic feet equivalent per day, net to Contango.

As of September 30, 2011 and June 30, 2011, our proved reserves and pre-tax net present value of our reserves were as follows:

 
    Proved Reserves as of

September 30, 2011
    June 30, 2011
Natural Gas (MMcf) 234,737 238,145
Oil, Condensate and Natural Gas Liquids (MBbls)   9,632   9,764
Total proved reserves (Mmcfe)   292,529   296,729
 
Pre-tax net present value ($000) (discounted at 10%) $ 999,714 $ 981,041
 

Kenneth R. Peak, the Company’s Chairman and Chief Executive Officer, said, “We are still waiting on the Hercules 205 rig to spud our Eagle Prospect (Ship Shoal 121/134). We expect this rig to become available in January 2012. Regardless of success or a dry hole at Eagle, we plan to move the rig to drill our Fang Prospect (South Timbalier 75). Each of these two wells has an estimated dry hole cost of $25 million. We believe the potential of each of these wells fully justifies the capital we are risking.”

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.

Copyright Business Wire 2010

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