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Filing Details

Accession Number:: 0001181431-10-029945
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-05-27 13:00:00
Reporting Period:: 2010-05-25

Filing Date:: 2010-05-27
Accepted Time:: 2010-05-27 18:44:04
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1071993	Contango Oil & Gas Co	MCF	Crude Petroleum & Natural Gas (1311)	954079863

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1096757	M Charles Reimer	3700 Buffalo Speedway, Suite 960 Houston TX 77098		Yes	No	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2010-05-25	23,315	$47.66	82,625	No	4	S	Direct
Common Stock	Disposition	2010-05-26	23,118	$48.07	59,507	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Direct
No	4	S	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Forward Sale Contract (Obligation to Sell)	Disposition	2010-05-25	25,000	$0.00	23,315	$0.00
Common Stock	Forward Sale Contract (Obligation to Sell)	Disposition	2010-05-26	25,000	$0.00	23,118	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
25,000	2010-05-25	2010-05-25	No	4	J	Direct
0	2010-05-26	2010-05-26	No	4	J	Direct

Footnotes

On May 19, 2009, the reporting person entered into a prepaid variable forward sale contract with an unaffiliated third party buyer. The contract obligates the reporting person to deliver to the buyer up to 100,000 shares of MCF common stock (or, at the reporting person's election, an equivalent amount of cash based on the market price of MCF common stock at that time) on the maturity date of the contract (May 21, 24, 25, 26, 2010). In exchange for assuming this obligation, the reporting person received a cash payment of $3,875,081.26 as of the date of entering into the contract. The reporting person pledged 100,000 shares of MCF common stock (the "Pledged Shares") to secure his obligation under the contract, and retained dividend and voting rights in the Pledged Shares during the term of the pledge. The number of shares of MCF common stock to be delivered to the buyer on the maturity date is to be determined as explained in Footnote 2.
The number of shares of MCF common stock to be delivered to the buyer on the maturity date is to be determined as follows: (a) if the average of the closing price of MCF common stock on the 20 days immediately preceeding the maturity date (the "Settlement Price") is less than or equal to $44.45 (the "Initial Share Price"), the reporting person will deliver to the buyer all of the Pledged Shares; (b) if the Settlement Price is between the Initial Price and $57.78 (the "Cap Price"), the reporting person will deliver to the buyer a number of shares of MCF common stock having a value (based on the then market price) equal to $4,444,920; and (c) if the Settlement Price is greater than the Cap Price, the reporting person will retain a number of shares of MCF common stock having a value (based on the then market price) equal to $1,333,480, and will deliver to the buyer the balance of the 100,000 shares of MCF common stock.