About Contango

A Texas Based Oil and Natural Gas Company

Contango Oil & Gas Company is an independent oil and natural gas company whose underlying business has been to maximize production and cash flow from its offshore properties in the shallow waters of the Gulf of Mexico and onshore properties in Texas, Oklahoma, Wyoming and Louisiana, and to use that cash flow to explore, develop, exploit, increase production from and acquire crude oil and natural gas properties across the United States. Contango has added to its corporate strategy the implementation of a consolidation strategy to pursue the acquisition of PDP-heavy opportunities that it believes will be available in the near future at attractive valuations from stressed or distressed situations

Our Primary Producing Areas

Operating Locations

  • Shallow Waters of Gulf of Mexico
  • Oklahoma
  • Southern Delaware Basin, Pecos County, Texas
  • Madison and Grimes Counties, Texas
  • Zavala and Dimmit Counties, Texas
  • San Augustine County, Texas
  • Weston County, Wyoming
  • Sublette County, Wyoming
  • Claiborne County, Louisiana

2020 Activity

As of March 30, 2020, we completed and initiated flowback in Pecos County, Texas, in the Southern Delaware Basin. We drilled and completed three wells in the fourth quarter of 2019. In Q4 we also started drilling a fourth well, which began flowing in 2020.  

As of June 17, 2020, we were producing from 7,719 net acres within premier U.S. onshore play.  The acreage materially de-risked from recent development by Contango and offset operators. There are 6 gross wells (2.25 net) scheduled to drill in 2021 to fully HBP acreage. This will represent the majority of PUD value and capital requirements. Bone Spring is the target area.

During the three months ended December 31, 2019, we acquired producing properties in the Will Energy and White Star acquisitions that are located in the Western Anadarko region and are primarily in the Chester, Tonkawa, Morrow, Marmaton, Cottage Grove, Red Fork and Cleveland formations. As of December 31, 2019, the Western Anadarko region included approximately 303,200 gross (167,200 net) acres, proved reserves of 47.1 Bcfe (61% gas) and 592 gross (348.7 net) producing wells. Additionally,  we acquired producing properties in the Will Energy and White Star acquisitions that are located in the Central Oklahoma region and are primarily in the Woodford, Meramec, Mississippian, Chester, Oswego and Hunton formations. In December 2019, we completed and brought on production a Garfield County, Oklahoma well, which we acquired in connection with the White Star acquisition. As of December 31, 2019, the Central Oklahoma region included approximately 743,800 gross (286,700 net) acres, proved reserves of 133.5 Bcfe (58% oil/liquids) and 778 gross (449.6 net) producing wells.

As of December 31, 2019, we had twelve wells producing from the Wolfcamp A, five wells producing from the Wolfcamp B, and a sixth well drilled in the Wolfcamp A which was completed in January 2020. Our West Texas production during the three months ended December 31, 2019 was approximately 8.3 Mmcfe per day.

Our production sales for the three months ended June 30, 2020 were approximately 83% onshore and 17% offshore, volumetrically, and was comprised of 56% natural gas, 24% oil and 20% natural gas liquids. During the second quarter of 2020, due to the extreme volatility in oil prices ranging from a low of ($37.63) per Bbl to a high of $40.46 per Bbl, we placed into excess storage capacity approximately 50,000 barrels of oil (net to the Company) produced during the second quarter, for later sale at higher prices. These volumes will sell in the third quarter of 2020. In July 2020, the average price was $41.15 per Bbl. Our production sales for the three months ended June 30, 2019 were 41% onshore and 59% offshore, volumetrically, and was comprised of approximately 55% natural gas, 26% oil and 19% natural gas liquids.


MISSION

Our mission is to create value for our shareholders through the acquisition, exploitation, exploration and development of oil and gas properties and by investing in a balanced portfolio of longer life reserves and high impact opportunities.

VISION

Our vision is to be recognized as a leading profitable producer of oil and natural gas. We will distinguish ourselves from our competitors by employing strong technical leadership and creative commercial solutions, along with the desire to successfully explore for oil and gas as the low cost producer.

VALUES

At Contango Oil & Gas Company, we adhere to a defined set of values that promote and sustain relationships based on high ethical standards and personal integrity between employees, shareholders, customers and vendors. Our goal is to maintain values and standards in promoting Contango as a respected industry leader.

Distinguish Ourselves from Our Competitors

Performance Indicators

At Contango Oil & Gas Company, every prospect is thoroughly screened to ensure it meets our criteria for performance.

Among our key performance indicators are:

  • Return on Capital Employed
  • Finding and Development Costs
  • Reserve Growth
  • EBITDA Growth
  • Production Growth
  • Cash Margin/unit
  • Lease Operating Costs
  • General and Administrative Cost / Unit

How can we serve you?

We adhere to a defined set of values that promote and sustain relationships based on high ethical standards and personal integrity.