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Sunday, 20 July, 2008, 22:40 GMT | more prices >>

Contango sees red in first quarter



By Upstream staff 

Houston independent Contango Oil & Gas slipped into the red in the first year of its 2007 fiscal year as it focussed on capital expenditure amid soaring revenues.

Contango reported a first-quarter net loss attributable to common stock of $405,856, or three cents per diluted share, compared to net earnings attributable to common stock of $60,301, or one cent per diluted share, in the same period a year ago.

Revenues in the quarter soared to $1.2 million from $147,778 in the same quarter of the 2006 fiscal year..

Contango said it planned to spend $54.4 million on capital expenditures in the remaining nine months of its fiscal 2007 year. Of this, $40.1 million would be spent on onshore activites, including its Arkansas Fayetteville shale play. The company said it would spend $13.8 million on offshore actvities in the Gulf of Mexico.


Wednesday, 08 November, 2006, 19:56 GMT  | last updated: Wednesday, 08 November, 2006, 19:56 GMT

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