FORM 10-K CONTANGO OIL & GAS COMPANY

CONTANGO OIL & GAS COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS’ EQUITY
June 30,
2009 2008
CURRENT LIABILITIES:
Accounts payable………………………………………….………………………… $ 8,812,677 $ 22,990,887
Royalties and working interests payable……………………………………………… 32,781,712 66,606,414
Accrued liabilities…………………………………………………………………… 3,867,579 10,334,008
Joint interest advances………………………………………………………………… 4,056,991 15,666,389
Accrued exploration and development……………….……………………………… 120,300 3,082,399
Advances from affiliates……………………………………………………………… - 2,965,022
Debt of affiliates……………………………………………………………………… 3,604,609 3,261,177
Income tax payable…………………………………………………………………… - 3,463,176
Other current liabilities……………………………………………………………… - 466,232
Total current liabilities……………………………………...……………………… 53,243,868 128,835,704
LONG-TERM DEBT…………………………………………………………………… - 15,000,000
DEFERRED TAX LIABILITY 110,964,147 112,189,684
ASSET RETIREMENT OBLIGATION………..……………………………………… 3,469,624 1,949,881
COMMITMENTS AND CONTINGENCIES (NOTE 13)
SHAREHOLDERS' EQUITY:
Common stock, $0.04 par value, 50,000,000 shares authorized,
19,638,334 shares issued and 15,828,980 outstanding at June 30, 2009,
19,404,746 shares issued and 16,819,746 outstanding at June 30, 2008, 785,533 776,189
Additional paid-in capital…………………………………………..………………… 76,321,911 73,030,926
Treasury stock at cost (3,809,354 and 2,585,000 shares, respectively)……………… (58,639,644) (6,843,900)
Retained earnings…………..………………………………………...……………… 330,896,468 275,035,266
Total shareholders' equity………………………………………………………… 349,364,268 341,998,481
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY………………………… $ 517,041,907 $ 599,973,750
The accompanying notes are an integral part of these consolidated financial statements.
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