Houston-based independent energy company Contango Oil & Gas has reported net income for the second quarter ended December 31, 2007, of approximately $111.3 million, or $6.47 per diluted share, compared to a net loss for the same period in 2006, of approximately $2.5 million, or $0.16 per diluted share.
The net income for the three months ended December 31, 2007, included a gain on the sale of the firm’s western core Arkansas Fayetteville shale of approximately $156.4 million.
The net income attributable to Contango common stock for the six months ended December 31, 2007, was approximately $117 million, or $6.84 per diluted share, compared to a net loss attributable to common stock for the six months ended December 31, 2006, of approximately $2.9 million, or $0.19 per diluted share.
Kenneth Peak, Contango’s chairman and CEO, said, About all I can say is we had a great quarter and expect our third quarter will be great as well.