Contango Announces FERC Filing for Freeport LNG Terminal.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--March 31, 2003 Contango Contango When the futures price is above the expected future spot price. Consequently, the price will decline to the spot price before the delivery date. Notes: This is the opposite of backwardation. Oil & Gas Company (AMEX AMEX See: American Stock Exchange :MCF) announced today that Freeport LNG LNG (liquefied natural gas): see under natural gas. Development, L.P. ("Freeport LNG") has submitted a filing to the Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. ("FERC FERC Federal Energy Regulatory Commission FERC FEMA Emergency Response Capability ") for the construction of an LNG receiving terminal at Freeport, Texas. Contango holds a 10% limited partnership interest in Freeport LNG. Kenneth R. Peak, Contango's chairman and chief executive officer, said, "This filing with FERC is an important milestone and is the culmination of many months of hard work. Our nation's natural gas needs continue to grow, yet it is becoming increasingly difficult for our natural gas and oil industry to replace, let alone grow, our production and reserves. I believe the Freeport LNG receiving terminal is ideally situated to bring natural gas to the critically important Houston/Gulf Coast market." Mr. Peak added, "All three components of our strategy to grow Contango's natural gas reserves and value are moving forward. We are drilling our onshore prospects; generating, leasing and farming out our offshore prospects; and the Freeport LNG terminal has just taken a significant step forward." Contango is a Houston-based independent natural gas and oil company. The Company explores, develops, produces and acquires natural gas and oil properties primarily onshore in the Gulf Coast and offshore in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and owns a 10% limited partnership interest in Freeport LNG Development, L.P. Additional information can be found on our Web page at www.mcfx.biz. This news release contains forward-looking statements within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties including uncertainties related to successful negotiations with other parties, oil and gas exploration risks, price volatility, production levels, closing of transactions, capital availability, operational and other risks, uncertainties and factors described from time to time in the Company's publicly available SEC reports. In light of these risks and uncertainties, the forward-looking events described in this release might not occur. |
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