Contango Oil & Gas Company

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Forward Looking Information

The following presentation contains “forward-looking statements” and is made pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. Oil and gas activities are subject to risks and uncertainties inherent in the exploration, development, operation and marketing of oil and natural gas. These risks include, but are not limited to, volatility of products, prices, uncertainties in reserve estimates, drilling risks, operations and production risks and environmental issues. Results could vary materially from the forward-looking information. You are cautioned that such forward-looking statements should be read in conjunction with the available company information, including the most recent Form 10-K and Form 10-Q.

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Probable Reserves

The SEC permits oil and gas companies to disclose in their filings with the SEC only "proved" reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Contango uses in this press release the term "probable" reserves, which SEC guidelines prohibit from being included in filings with the SEC. Probable reserves are unproved reserves which are more likely than not to be recoverable. Estimates of probable reserves which may potentially be recoverable through additional drilling or recovery techniques are by their nature more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being realized by the Company.

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The Big Picture

Annual Natural Gas Depletion – 35% and increasing Record number of wells drilled – but flat production No nukes/increasing constraints on coal – (viz TXU) National Nimbyitis – less LNG / less Drilling / less supply Ethanol – Growing natural gas consumer – 1% of consumption? Canada - $4.50 Mcfe F&D costs more than 2X in 5 years New Mexico – Canary in the Rockies Hurricanes An ever growing world economy LEAST but not LAST: You got to love Al Gore LAST but not LEAST:

Query: Why has the rig count continued to surprise on the low side?

Answer: F&D costs are higher than the industry can afford. i.e. $6 gas is not high enough?

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The Contango Story

Started Fall 1999 Since inception $30 million net capital raised At April 10/ $6 million of cash/ $35million of debt/

$15 million of borrowing availability. At December 31, 2006 $121.5 million SEC PV-10 Six employees 15.9 million shares outstanding/16.9 million

shares fully diluted - compared to 11.5 and 16.7 million shares at June 30, 2001.

30 shareholders own 75% of stock 24% owned/ controlled by Board of Directors and

Officers

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Contango’s Drivers

(1) The only competitive advantage in the natural gas and oil business is to be among the lowest cost producers

(2) Virtually all the exploration and production industry’s value creation occurs through the drilling of successful exploratory wells

(3) Maximize value creation- PER SHARE

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MCF IS FOR NATURAL GAS BULLS ONLY

LNG Fayetteville Shale Deep Shelf GOM Exploration R/P’s 50 Years/25 Years/ 2.5 Years No Hedges- Full commodity price

exposure- DOWN and up

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LNG

Long term annuity Start-up Q-1 2008 – First grassroots plant in

30 years Funding in place for Phase I and “mini” Phase

II Plant cost- $830 million MLP - Able

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Fayetteville Shale

44,000 net Fayetteville Shale mineral acres to Alta Group (31,000 Net BPO to MCF)

Still EARLY in learning curve, but Access to technology is now a commodity Precision horizontal drilling with longer legs Multiple well stimulation techniques

7 wells drilled-Lessons Learned Rig Supervision Learning curve Contango to become deeply involved in operations Move North

Current Operations - 5 well rig contract plus 2 outside operated

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Highlight of Fayetteville Shale Activity

As of April 10, 2007

STATUS OPERATOR

NUMBER OF

WELLS

AVERAGE

MCF WI

NET

WELLS

Currently producing SWN 53 6.00% 2.8

Currently being drilled

or awaiting completion SWN 24 6.84% 1.8.

Waiting to be drilled SWN 23 7.49% 1.8

Sub Total 100 6.58% 6.4

Currently producing Alta 1 34.87% 0.3

Currently being drilled or

awaiting completion Alta 7 60.15% 2.4

Waiting to be drilled Alta 4 46.86% 3.3

Sub Total 12 50.60% 6

GRAND TOTAL 112 11.14% 12.4

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Gulf of Mexico 72 GOM blocks 4300 blocks 3-D seismic Dutch & Mary Rose

Proved 158 Bcfe (46 Bcfe net to Contango) Probable 266 Bcfe (77 Bcfe net to Contango)

A lot of folks are leaving the “Dead Sea” Contango’s constraints are capital and people –

not ideas

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Contango Alternative Energy

NAME TICKER EXCHANGESHARE PRICE

AT 3/30/07CONTANGO

SHARESINITIAL

INVESTMENT

Protonex Technology Corporation PTX.L AIM $1.84 600,000 $375,000

Trulite, Inc. TRUL.OB OTC $1.30 2,001,014 $0.9 million

GridPoint n/a n/a n/a 333,333 $1.0 million

Jadoo Power Systems n/a n/a n/a 550,000 $500,000

Moblize, Inc. n/a n/a n/a 648,648 $1.2 Million

Standard Renewable Energy Group n/a n/a n/a 68 $0

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Contango Oil & Gas Stock Price

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

12/1/2001

3/1/2002

6/1/2002

9/1/2002

12/1/2002

3/1/2003

6/1/2003

9/1/2003

12/1/2003

3/1/2004

6/1/2004

9/1/2004

12/1/2004

3/1/2005

6/1/2005

9/1/2005

12/1/2005

3/1/2006

6/1/2006

9/1/2006

12/1/2006

3/1/2007

Freeport LNG

Fayetteville Shale

Dutch # 1Dutch # 2

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America’s Energy Company

MCF IS NATURAL GAS