Contango Files Form 10K/A to Provide Additional Information Related to Change in Fiscal Year End

Contango Oil & Gas Company (NYSE MKT: MCF) (“Contango”) announced today that it has filed an Annual Report on Form 10K/A to present a recast of historical financial information for the three-year period ended December 31, 2013. Financial statements as of December 31, 2013 and 2012 and for the three years ended December 31, 2013 include consolidated results of operations of both Contango and Crimson Exploration Inc. for the period from the closing of the merger on October 1, 2013 to December 31, 2013 and consolidated financial statements of Contango only for all other periods.

This Annual Report on Form 10K/A was filed in connection with our Board of Directors approving a change of our fiscal year end from June 30 to December 31, commencing with the twelve-month period beginning on January 1, 2014. The Annual Report on Form 10-K/A should be read in conjunction with the Transition Report on Form 10K for the Six Months Ended December 31, 2013 filed on March 3, 2014.

Additionally, the Company will file a Form 8K/A later this week to provide pro forma condensed combined statements of operations for the year ended December 31, 2013, to give effect to the merger as if such event had occurred on January 1, 2013. This Form 10K/A and Form 8K/A were filed voluntarily for the benefit of analysts, investors and shareholders, to aid in the understanding and analysis of the newly merged Company.

Contango Oil & Gas Company is a Houston, Texas based, independent energy company engaged in the acquisition, exploration, development, exploitation and production of crude oil and natural gas offshore in the shallow waters of the Gulf of Mexico and in the onshore Gulf Coast regions of the United States and Colorado. Additional information is available on the Company's website at http://contango.com.

This press release contains forward-looking statements regarding Contango that are intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on Contango’s current expectations and includes statements regarding acquisitions and divestitures, estimates of future production, future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", “projects”, "anticipates", "plans", "estimates", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). Statements concerning oil and gas reserves also may be deemed to be forward looking statements in that they reflect estimates based on certain assumptions that the resources involved can be economically exploited. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those, reflected in the statements. These risks include, but are not limited to: the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather such as hurricanes and other natural disasters); uncertainties as to the availability and cost of financing; fluctuations in oil and gas prices; risks associated with derivative positions; inability to realize expected value from acquisitions, inability of our management team to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change or governmental approvals may be delayed or withheld. Additional information on these and other factors which could affect Contango’s operations or financial results are included in Contango’s other reports on file with the Securities and Exchange Commission. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.

Contango Oil & Gas Company
E. Joseph Grady, 713-236-7400
Senior Vice President and Chief Financial Officer
or
Sergio Castro, 713-236-7400
Vice President and Treasurer