FORM 10-K CONTANGO OIL & GAS COMPANY

CONTANGO OIL & GAS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued)
March 31, 2009 we had purchased 1,224,354 shares of our common stock at an average cost per share of $42.30, for
a total expenditure of approximately $51.8 million.
17. Subsequent Events
On August 21, 2009, Guaranty Bank was closed by the Office of Thrift Supervision, and the Federal
Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a
financial institution is closed. All of our deposit accounts at Guaranty Bank were transferred to BBVA Compass
and were available immediately. We understand that the terms of our Credit Agreement remain unchanged and have
been assumed by BBVA Compass.
We completed our review and analysis of potential subsequent events, as of September 11, 2009, the date
these financial statements were issued
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