FORM 10-K CONTANGO OIL & GAS COMPANY

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Shareholders Contango Oil & Gas Company We have audited the accompanying consolidated balance sheets of Contango Oil & Gas Company (a Delaware corporation) and subsidiaries as of June 30, 2009 and 2008, and the related consolidated statements of operations, shareholders’ equity and cash flows for each of the three years in the period ended June 30, 2009. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Contango Oil & Gas Company and subsidiaries as of June 30, 2009 and 2008, and the results of their operations and their cash flows for each of the three years in the period ended June 30, 2009 in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Contango Oil & Gas Company and subsidiaries’ internal control over financial reporting as of June 30, 2009, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated September 11, 2009 expressed an unqualified opinion on the internal control over financial reporting. /S/ GRANT THORNTON LLP Houston, Texas September 11, 2009 F-2
CONTANGO OIL & GAS COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS June 30, 2009 2008 CURRENT ASSETS: Cash and cash equivalents…………………………………..……………………… $ 44,371,324 $ 59,884,574 Accounts receivable: Trade receivable…………………………………………………………………… 32,809,165 72,343,761 Advances to affiliates……………………………………………………………… 5,494,747 5,754,516 Joint interest billings……………………………………………………………… 4,515,660 18,019,847 Severance taxes receivable………………………………………………………… 3,528,402 - Income taxes……………………………………………………………………... 4,221,644 - Prepaid capital costs……………………………………………………………… 75,097 1,264,278 Other.………………………………………………………….……………………… 1,459,433 1,482,142 Total current assets……………………………………………….………………… 96,475,472 158,749,118 PROPERTY, PLANT AND EQUIPMENT: Natural gas and oil properties, successful efforts method of accounting: Proved properties………………………………………………...………………… 460,881,471 442,630,193 Unproved properties……………………………….……………………………… 2,911,258 7,591,447 Furniture and equipment………………………………………….………………… 273,185 278,737 Accumulated depreciation, depletion and amortization……………………………… (44,952,301) (13,134,511) Total property, plant and equipment, net……………………….………………… 419,113,613 437,365,866 OTHER ASSETS: Cash and other assets held by affiliates……...………...………………………..…… 1,128,110 3,299,002 Other………………………………………………………………………………… 324,712 559,764 Total other assets………………………………………..………………………… 1,452,822 3,858,766 TOTAL ASSETS…………………………………………………….………………… $ 517,041,907 $ 599,973,750 The accompanying notes are an integral part of these consolidated financial statements. F-3
Page 1 and 2:
UNITED STATES SECURITIES AND EXCHAN
Page 3 and 4: CONTANGO OIL & GAS COMPANY AND SUBS
Page 5: • Uncertainties in the estimation
Page 8 and 9: Structuring incentives to drive beh
Page 10 and 11: Contango Resources Company and Cont
Page 12 and 13: Leases. The following table sets fo
Page 14 and 15: Competition The Company competes wi
Page 16 and 17: Jay D. Brehmer ....................
Page 18 and 19: Code of Ethics We adopted a Code of
Page 20 and 21: difficulty and delays in consistent
Page 22 and 23: Exploration is a high risk activity
Page 24 and 25: Competition in the natural gas and
Page 26 and 27: Pursuant to these provisions, the C
Page 28 and 29: Drilling Activity The following tab
Page 30 and 31: At June 30, 2009 Pre-tax net presen
Page 32 and 33: The following graph compares the ye
Page 34 and 35: Item 7. Management’s Discussion a
Page 36 and 37: Natural Gas, Oil and NGL Production
Page 38 and 39: For the year ended June 30, 2008, w
Page 40 and 41: Standardized Measure of Fiscal Year
Page 42 and 43: considerably from actual results. T
Page 44 and 45: EITF 03-6-1 are effective for finan
Page 46 and 47: REPORT OF INDEPENDENT REGISTERED PU
Page 48 and 49: Item 11. Executive Compensation The
Page 50 and 51: 10.25 Partial Assignment of Oil and
Page 52 and 53: SIGNATURES In accordance with Secti
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FORM 10-K CONTANGO OIL & GAS COMPANY

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