Contango Oil & Gas Company has reported revenues from sales of natural gas, oil and natural gas liquids of approximately $14.1 million for the first quarter of 2007, compared to $1.2 million for the same period last year.
The company reported net income of approximately $5.7 million, or $0.36 per basic share and $0.35 per diluted share, for the three months ended September 30, 2007, compared to a net loss of approximately $0.4 million, or $0.03 per basic and diluted share, for the three months ended September 30, 2006.
Kenneth Peak, chairman and CEO of Contango, 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.
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 24 platform, we anticipate our net Gulf of Mexico production will increase to 30 to 35 mmcfe/d in December 2007.