Contango Oil & Gas Company released financial results for the recently ended fiscal year and an update on the company’s oil and gas exploration and development activities.
Contango Oil & Gas Company reported revenue of $160.7 million in the fiscal year ending 6/30/2010, compared to $190.7 million in fiscal 2009. The company reported net income of $49.7 million, or $3.08 per diluted share, in fiscal 2010, compared to net income of $55.9 million, or $3.35 per diluted share, in fiscal 2009.
Current production for Contango Oil & Gas Company is approximately 105 million cubic feet of natural gas equivalents per day on a net basis.
Contango Oil & Gas Company has established an $82.5 million capital drilling program for fiscal 2011. The plan calls for drilling four exploratory wells in the Gulf of Mexico at a cost of $15 million each. The capital plan is subject to obtaining drilling permits from the federal regulatory authorities.
Contango Oil & Gas Company is also involved with a development program in Texas, where the company is in a joint venture with another oil and gas company. The company plans to drill and complete fifteen wells here at a total cost of $22.5 million.
For more information on the company, go to www.contango.com
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