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Contango Oil & Gas Company Message Board

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  • lexpress56 lexpress56 Aug 4, 2008 7:23 PM Flag



    The $1m a day revenue figure sounds nice, but the company must be burning cash with platform and drilling expenses to have only $25m on hand. I certainly hope your disruption estimate of only a couple of days is right because damage to the platforms and drill rig may otherwise greatly impact the near term prospects for the company. Even though the storm path appears to be to the south, Contango's field is on the back side of the storm, which typically gets hit the hardest.

    Faloleadr's "good luck to all the shareholders" remark has special meaning this week!

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    • MCF has $55 million in cash, read the release again. They say they have $25 million + will receive $30 million for July production which is as good as cash.

      did anyone notice how much oil is coming from Dutch/MR? There is a lot of oil, not just nat gas. I think that is what peak was trying to tell people with yesterday's press release.

      • 1 Reply to gasfan55
      • Gasfan:

        Thanks for the rather sharp reply, but I read the release the first time and the cash figure was the $25m and the other was an A/R. My point was all the great production up to and through June left them with only the $25m in cash, which is what prompted my remark on burning cash through operations. As for the rest, I was also impressed with the oil production figures.

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