FORM 10-K CONTANGO OIL & GAS COMPANY
FORM 10-K CONTANGO OIL & GAS COMPANY
FORM 10-K CONTANGO OIL & GAS COMPANY
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<strong>CONTANGO</strong> <strong>OIL</strong> & <strong>GAS</strong> <strong>COMPANY</strong> AND SUBSIDIARIES<br />
CONSOLIDATED BALANCE SHEETS<br />
ASSETS<br />
June 30,<br />
2009 2008<br />
CURRENT ASSETS:<br />
Cash and cash equivalents…………………………………..……………………… $ 44,371,324 $ 59,884,574<br />
Accounts receivable:<br />
Trade receivable…………………………………………………………………… 32,809,165 72,343,761<br />
Advances to affiliates……………………………………………………………… 5,494,747 5,754,516<br />
Joint interest billings……………………………………………………………… 4,515,660 18,019,847<br />
Severance taxes receivable………………………………………………………… 3,528,402 -<br />
Income taxes……………………………………………………………………... 4,221,644 -<br />
Prepaid capital costs……………………………………………………………… 75,097 1,264,278<br />
Other.………………………………………………………….……………………… 1,459,433 1,482,142<br />
Total current assets……………………………………………….………………… 96,475,472 158,749,118<br />
PROPERTY, PLANT AND EQUIPMENT:<br />
Natural gas and oil properties, successful efforts method of accounting:<br />
Proved properties………………………………………………...………………… 460,881,471 442,630,193<br />
Unproved properties……………………………….……………………………… 2,911,258 7,591,447<br />
Furniture and equipment………………………………………….………………… 273,185 278,737<br />
Accumulated depreciation, depletion and amortization……………………………… (44,952,301) (13,134,511)<br />
Total property, plant and equipment, net……………………….………………… 419,113,613 437,365,866<br />
OTHER ASSETS:<br />
Cash and other assets held by affiliates……...………...………………………..…… 1,128,1<strong>10</strong> 3,299,002<br />
Other………………………………………………………………………………… 324,712 559,764<br />
Total other assets………………………………………..………………………… 1,452,822 3,858,766<br />
TOTAL ASSETS…………………………………………………….………………… $ 517,041,907 $ 599,973,750<br />
The accompanying notes are an integral part of these consolidated financial statements.<br />
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