FORM 10-K CONTANGO OIL & GAS COMPANY

CONTANGO OIL & GAS COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited)
The following disclosures provide unaudited information required by SFAS No. 69, “Disclosures about Oil
and Gas Producing Activities”.
Costs Incurred. The following table presents information regarding our net costs incurred in the purchase
of proved and unproved properties and in exploration and development activities for the periods indicated:
Year Ended June 30,
2009 2008 2007
Property acquisition costs:
Unproved……………………………………………………… $ - $ - $ 3,571,830
Proved………………………………………………………… 1,131,582 309,000,000 -
Exploration costs………………………………………………… 23,284,970 45,243,651 72,888,603
Developmental costs……………………………………………… 22,889,629 76,025,586 1,453,066
Capitalized interest……………………………………………… - - 1,083,693
Total costs……………………………………………………… $ 47,306,181 $ 430,269,237 $ 78,997,192
Natural Gas and Oil Reserves. Proved reserves are estimated quantities of natural gas and oil that
geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known
reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that
reasonably can be expected to be recovered through existing wells with existing equipment and operating methods.
Proved natural gas and oil reserve quantities at June 30, 2009, 2008 and 2007, and the related discounted
future net cash flows before income taxes are based on estimates prepared by W.D. Von Gonten & Co. and William
M. Cobb & Associates, Inc., petroleum engineering. Such estimates have been prepared in accordance with
guidelines established by the Securities and Exchange Commission.
DB2/21043537.7 F-25