Contango Oil & Gas Company announced today that it is in the process of shutting-in production and evacuating all personnel at its Dutch and Mary Rose fields, due to Tropical Storm Edouard. Prior to shutting in, the Company’s three Dutch wells were producing at a combined 8/8ths rate of approximately 97 million cubic feet per day (“Mmcfd”) (37 Mmcfd net to Contango) and approximately 2,000 barrels of oil per day (“bopd”) (762 bopd net to Contango), and our four Mary Rose wells were producing at a combined 8/8ths rate of approximately 166 Mmcfd (61 Mmcfd net to Contango) and approximately 4,100 bopd (1,510 bopd net to Contango), for a total of approximately 263 Mmcfd (98 Mmcfd net to Contango) and approximately 6,100 bopd (2,272 bopd net to Contango). Additionally, the Company has suspended its drilling operations at its Eloise North #1 exploration prospect.
Currently, the Company has approximately $25 million in cash, and we expect to receive approximately $30 million for our July production. The Company has $15 million of long-term debt.
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