abce certificate
Friday, 21 November, 2008, 23:10 GMT | more >>

Contango lines up Dutch flows



By Upstream staff 

Houston minnow Contango Oil & Gas reported strong quarterly earnings on higher production as it prepared to bring its Dutch-2 well in the Gulf of Mexico online.

Contango reported third fiscal quarter net income of $156.5 million, or a gain of one cent per diluted share, compared with net earnings of $749.4 million, or a loss of seven cents per diluted share, in the same period last year.

However, the company's year-ago earnings were boosted by a pretax gain of $1.8 million on discontinued operations. Excluding the gain, Contago reported $855,543 loss on continuing operations.

Revenue for the third quarter 2007 was $5.4 million, up from $123,199 in the year ago period as production rose to 720 million cubic feet of natural gas equivalent from 194 MMcfe.

For the first nine months of its fiscal year, Contango reported a net loss of $2.4 million, or a loss of 18 cents per share, compared with net income of $892,336, or a gain of three cents , for the first nine months of the previous fiscal year.

Revenue for the nine month period was $7.5 million, up from $315,274 previously as production rose to 998 MMcfe from 510 MMcfe.

Contango said its Dutch-2 well at Eugene Island 10 would boost production by about 7.5MMcfed when it starts production in the third quarter.


Wednesday, 09 May, 2007, 17:21 GMT  | last updated: Wednesday, 09 May, 2007, 17:21 GMT

e-mail this article to a colleague


to email:  from:
comments: