| The Latest News: |
| Contango Begins Process to Explore Company Sale and Updates Operations |
JUNE 17, 2008 — HOUSTON, TEXAS — Contango Oil & Gas Company (AMEX:MCF) announced today that its financial advisor, Merrill Lynch & Co., has begun meeting with parties potentially interested in acquiring the Company. Select interested parties will be offered the opportunity to learn more about the Company in a data room. The data room is anticipated to open in July 2008, with anticipated receipt of potential transaction proposals by September 2008. |
| More News... |
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 offshore in the Gulf of Mexico. Contango Operators, Inc. (“COI”), our wholly-owned subsidiary, acts as operator on certain offshore prospects. The Company also holds investments in companies focused on commercializing environmentally preferred energy technologies.
The Company has approximately 16 million shares of common stock outstanding, plus an additional 1.5 million shares reserved for exercise of options currently outstanding and conversion of Series E Preferred Stock. Management and the Board of Directors own 24% of the Company's fully diluted shares. We have six employees.