Contango Oil & Gas Company announced that Marc Duncan has joined Contango in its newly created position as President and Chief Operating Officer of Contango Operators, Inc. (COI). COI is a wholly owned subsidiary of Contango Oil & Gas Company and is the entity through which Contango takes direct working interests in offshore Gulf of Mexico exploration projects. COI will also act as Operator and drill and operate selected offshore prospects.
Kenneth R. Peak, Chairman and Chief Executive Officer, said, "Marc has 25 years of operating experience, both domestically and internationally, and brings a wealth of hands-on operating expertise to Contango. We are very pleased to have Marc join our team and look forward to spudding at least two of our Gulf of Mexico exploration prospects prior to calendar year end."
Contango also announced that two private entities would be joining COI in investing in offshore prospects. It is envisioned that COI will take a 50% working interest with the other 50% being taken by the two private investors.
