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| Contango Updates Reserves, Announces Discovery at Eloise South and Updates Operations |
JUNE 10, 2010 — HOUSTON, TEXAS — Contango Oil & Gas Company (NYSE Amex:MCF) announced that it has updated its offshore natural gas and oil reserve estimates as of June 1, 2010 [...]. The net downward revision of our Dutch and Mary Rose field reserves of 48.5 Bcfe is attributable to newly learned bottom hole pressure data as a result of a recent field wide shut-in and a “P/Z pressure test” that indicated a “smaller tank” than was originally estimated. The Company also announced a successful well at its Eloise South prospect located at our Offshore Gulf of Mexico (“GOM”) block Eugene Island 10 [...]. |
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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”), our wholly-owned subsidiary, acts as operator on certain offshore prospects.
The Company has approximately 15.8 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 24% of the Company's fully diluted shares. We have seven employees.