FORM 10-K CONTANGO OIL & GAS COMPANY

CONTANGO OIL & GAS COMPANY AND SUBSIDIARIES
ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED JUNE 30, 2009
TABLE OF CONTENTS
Page
PART I
Item 1. Business
Overview..................................................................................................................................... 1
Our Strategy ................................................................................................................................ 1
Exploration Alliance with JEX.................................................................................................... 2
Offshore Gulf of Mexico Exploration Joint Ventures ................................................................. 2
Contango Resources Company and Contango Operators, Inc..................................................... 4
Offshore Properties ..................................................................................................................... 5
Contango Venture Capital Corporation....................................................................................... 6
Property Sales and Discontinued Operations .............................................................................. 7
Marketing and Pricing................................................................................................................. 7
Competition................................................................................................................................. 8
Governmental Regulations.......................................................................................................... 8
Employees ................................................................................................................................... 9
Directors and Executive Officers ................................................................................................ 9
Corporate Offices ........................................................................................................................ 11
Code of Ethics ............................................................................................................................. 12
Available Information ................................................................................................................. 12
Item 1A. Risk Factors........................................................................................................................................ 12
Item 1B. Unresolved Staff Comments............................................................................................................... 20
Item 2. Properties
Production, Prices and Operating Expenses................................................................................ 21
Development, Exploration and Acquisition Capital Expenditures.............................................. 21
Drilling Activity .......................................................................................................................... 22
Exploration and Development Acreage....................................................................................... 22
Productive Wells ......................................................................................................................... 23
Natural Gas and Oil Reserves ..................................................................................................... 23
Item 3. Legal Proceedings .............................................................................................................................. 24
Item 4. Submission of Matters to a Vote of Security Holders ........................................................................ 24
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities................................................................................................................................. 24
Item 6. Selected Financial Data ...................................................................................................................... 27
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview..................................................................................................................................... 28
Results of Operations .................................................................................................................. 28
Capital Resources and Liquidity ................................................................................................. 32
Off Balance Sheet Arrangements ................................................................................................ 34
Contractual Obligations............................................................................................................... 34
Share Repurchase Program ......................................................................................................... 34
Credit Facility.............................................................................................................................. 34
Application of Critical Accounting Policies and Management’s Estimate ................................. 35
Recent Accounting Pronouncements........................................................................................... 36
Item 7A. Quantitative and Qualitative Disclosure about Market Risk .............................................................. 38
Item 8. Financial Statements and Supplementary Data .................................................................................. 38
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure............. 38
Item 9A. Controls and Procedures..................................................................................................................... 38
Item 9B. Other Information............................................................................................................................... 41
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