Houston-based Contango Oil & Gas Co. (Amex: MCF) found gas at Mary Rose #1 in 11 feet of water in the Gulf of Mexico, chairman and chief executive Ken Peak announced during the IPAA's OGIS-West investor conference in San Francisco. The offshore Louisiana well, on State Lease No. 18640, will add 154 billion cubic feet equivalent to Contango's proved reserves, a 68% increase. The $589-million-market-cap company's Dutch #1 and #2 wells, in the same area, are currently producing 65 million cubic equivalent per day, and this will increase to 110 million cubic feet in November when Dutch #3 comes online, he said. For more on this, see the November issue of Oil and Gas Investor. For a subscription, call 713-260-6441.
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