Contango Oil & Gas Company (NYSE MKT: MCF) announced today that the Company had expanded its Board to seven Directors and elected Mr. Joseph J. Romano as a Director, President and Chief Executive Officer. Mr. Brad Juneau, owner and general manager of Juneau Exploration L.P., the Company’s advisor in all its exploration activities, will remain a Director of the Company and continue to oversee the Company’s operations. Mr. Kenneth R. Peak, the founder of the Company, remains on a medical leave of absence. Mr. Juneau commented, “Ken has expressed to me his desire that the Company continue to execute its business plan with the appointment of a permanent CEO. Ken will remain Chairman and will continue to be a valuable player in the Company he founded and loves so much.” Joe Romano said, “I am excited to have the opportunity to lead Contango which has had such extraordinary success since its founding in 1999. As an early investor and initial Director of Contango upon its founding, and later as an investor in the Dutch-Mary Rose offshore discovery, I have had a close association with the Company, Ken Peak and Brad Juneau over the last dozen years. With an inventory of at least six prospective drilling targets in the Gulf of Mexico assembled by Juneau Exploration, the Company is well positioned to add to its offshore production.” Mr. Romano assisted Mr. Peak in founding the Company in 1999. Mr. Romano has worked in the energy industry since 1977. Mr. Romano served as Senior Vice President and Chief Financial Officer of Zilkha Energy Company until its sale in 1998 and served as President and Chief Executive Officer of Zilkha Renewable Company until its sale in 2005. He presently serves in various capacities in Zilkha-affiliated companies. He is President and Chief Executive Officer of Olympic Energy Partners which owns working interests in Contango’s Dutch and Mary Rose fields, is President and Chief Executive Officer of ZZ Biotech, is Vice President and Director of Laetitia Vineyards and Winery and is Vice President of Zilkha Biomass Company. Mr. Romano served as Chief Financial Officer, Treasurer and Controller of Texas International Company from 1986 through 1988 and its Treasurer and Controller from 1982 through 1985. Prior to 1982, Mr. Romano spent five years working in the Worldwide Energy Group of the First National Bank of Chicago. He earned his BA in Economics from the University of Wisconsin in Eau Claire and an MBA from the University of Northern Illinois.
In trading on Monday, shares of Contango Oil & Gas Co. crossed below their last reported book value — defined as common shareholder equity per share — of $30.68, changing hands as low as $30.63 per share.