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| Contango Updates Operations; Chairman and CEO enters into 10b5-1 Trading Plan |
JUNE 5, 2009 — HOUSTON, TEXAS — Contango Oil & Gas Company (NYSE Amex: MCF) announces that the workover on its Mary Rose #2 well has been successfully completed and the Company is currently producing approximately 95.0 million cubic feet equivalent per day, net to Contango. We remain debt-free and have approximately $23.0 million of cash on hand, and $50.0 million of unused borrowing capacity. |
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Contango is a Houston-based, independent natural gas and oil company. The Company's business is to explore, develop, produce and acquire natural gas and oil properties primarily offshore in the Gulf of Mexico. Contango Operators, Inc. (“COI”) and Contango Resources Company (“CRC”), our wholly-owned subsidiaries, act as operator on certain offshore prospects.
The Company has approximately 16.4 million shares of common stock outstanding, plus an additional 0.7 million shares reserved for exercise of options currently outstanding. Management and the Board of Directors own 23% of the Company's fully diluted shares. We have seven employees.