Contango Reports First Quarter Results.HOUSTON -- 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) reported revenues from sales of natural gas, oil and natural gas liquids for the three months ended September 30, 2007 of approximately $14.1 million, compared to $1.2 million for the same period last year. The Company reported net income attributable to common stock for the three months ended September 30, 2007 of approximately $5.7 million, or $0.36 per basic share and $0.35 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss attributable to common stock for the three months ended September 30, 2006 of approximately $0.4 million, or $0.03 per basic and diluted share. Kenneth R. Peak, the Company's Chairman and Chief Executive Officer, said, "Our average production for the three months ended September 30, 2007 was 7.2 million cubic feet per day ("Mmcf/d") onshore and 17.6 million cubic feet equivalent per day ("Mmcfe/d") 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 . As of November 5, 2007, we were producing 9.6 Mmcf/d onshore and 23.4 Mmcfe/d in the Gulf of Mexico. As a result of our previously announced capacity additions to the Eugene Island Eugene Island is a submerged mountain 70-85 miles off the Louisiana coast in the Gulf of Mexico. The nearby oil field Eugene Island 330 is best known for its unusual depletion profile. According to the article "Sustainable Oil?" by Chris Bennett WorldNetDaily. 24 platform, we anticipate our net Gulf of Mexico production will increase to 30 to 35 Mmcfe/d in December 2007." [TABLE OMITTED] [TABLE OMITTED] 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 primarily offshore in the Gulf of Mexico and onshore in the Arkansas Fayetteville Shale. The Company also owns a 10% interest in a limited partnership formed to develop an LNG LNG (liquefied natural gas): see under natural gas. receiving terminal in Freeport, Texas Freeport is a city in Brazoria County, Texas within the Houston–Sugar Land–Baytown Metropolitan Area and is situated in Southeast Texas. As of the 2000 U.S. Census, the city population was 12,708 and is about sixteen miles away from Angleton. , and holds investments in companies focused on commercializing environmentally preferred energy technologies. Additional information can be found on our web page at www.contango.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, and actual events or results may differ materially from Contango's expectations. The statements reflect Contango's current views with respect to future events that involve risks and uncertainties, including those 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 Contango's publicly available reports filed with the Securities and Exchange Commission. |
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