Contango Oil & Gas (MCF) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	CONTANGO OIL & GAS CO
Entity Central Index Key	1,071,993
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		19,420,030

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents
Accounts receivable, net	$ 23,171	$ 25,309
Prepaid expenses and other	3,115	1,941
Inventory	1,087	2,166
Current deferred tax asset	1,239	1,624
Total current assets	28,612	31,040
Natural gas and oil properties, successful efforts method of accounting:
Proved properties	1,177,817	1,138,054
Unproved properties	32,829	35,783
Other property and equipment	1,126	1,084
Accumulated depreciation, depletion and amortization	(501,286)	(426,298)
Total property, plant and equipment, net	710,486	748,623
OTHER NON-CURRENT ASSETS:
Investments in affiliates	61,918	62,085
Other	1,365	1,667
Total other non-current assets	63,283	63,752
TOTAL ASSETS	802,381	843,415
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	60,047	92,892
Current derivative liability	10
Current asset retirement obligations	4,925	4,123
Total current liabilities	64,982	97,015
NON-CURRENT LIABILITIES:
Long-term debt	111,402	63,359
Deferred tax liability	72,409	93,952
Asset retirement obligations	21,643	21,623
Total non-current liabilities	205,454	178,934
Total liabilities	$ 270,436	$ 275,949
COMMITMENTS AND CONTINGENCIES (NOTE 11)
SHAREHOLDERS’ EQUITY:
Common stock, $0.04 par value, 50 million shares authorized, 24,645,140 shares issued and 19,420,246 shares outstanding at June 30, 2015, 24,372,538 shares issued and 19,148,000 shares outstanding at December 31, 2014	$ 974	$ 963
Additional paid-in capital	235,846	233,278
Treasury shares at cost (5,224,894 shares at June 30, 2015 and 5,224,538 shares at December 31, 2014)	(127,533)	(127,525)
Retained earnings	422,658	460,750
Total shareholders’ equity	531,945	567,466
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 802,381	$ 843,415

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.04	$ 0.04
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	24,645,140	24,372,538
Common stock, shares outstanding	19,420,246	19,148,000
Treasury stock, shares	5,224,894	5,224,538

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUES:
Oil and condensate sales	$ 15,688	$ 38,340	$ 26,382	$ 73,440
Natural gas sales	15,287	31,244	32,110	65,871
Natural gas liquids sales	4,359	8,835	7,489	19,365
Total revenues	35,334	78,419	65,981	158,676
EXPENSES:
Operating expenses	10,972	11,576	20,883	22,629
Exploration expenses	6,924	10,853	11,407	37,784
Depreciation, depletion and amortization	38,770	39,901	73,885	74,303
Impairment and abandonment of oil and gas properties	236	1,371	2,517	16,566
General and administrative expenses	7,351	9,207	15,179	19,664
Total expenses	64,253	72,908	123,871	170,946
OTHER INCOME (EXPENSE):
Gain (loss) from investment in affiliates (net of income taxes)	(745)	1,478	(187)	3,100
Interest expense	(835)	(737)	(1,530)	(1,405)
Loss on derivatives, net	(10)	(1,263)	(10)	(3,222)
Other income (expense)	995	(196)	990	(196)
Total other income (expense)	(595)	(718)	(737)	(1,723)
NET INCOME (LOSS) BEFORE INCOME TAXES	(29,514)	4,793	(58,627)	(13,993)
Income tax benefit (provision)	9,986	(212)	20,535	8,381
NET INCOME (LOSS)	$ (19,528)	$ 4,581	$ (38,092)	$ (5,612)
Net income (loss) per Share (Basic)
Basic	$ (1.03)	$ 0.24	$ (2.01)	$ (0.29)
Net income (loss) per share (Diluted) [Abstract]
Diluted	$ (1.03)	$ 0.24	$ (2.01)	$ (0.29)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	18,939	19,074	18,939	19,073
Diluted (in shares)	18,939	19,130	18,939	19,073

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2014	$ 963	$ 233,278	$ (127,525)	$ 460,750	$ 567,466
Balance, shares at Dec. 31, 2014	19,148,000				19,148,000
Treasury shares at cost			(8)		$ (8)
Treasury shares at cost, shares	(356)
Restricted shares activity	$ 11	(10)			1
Restricted shares activity, shares	272,602
Stock-based compensation		2,578			2,578
Net loss				(38,092)	(38,092)
Balance at Jun. 30, 2015	$ 974	$ 235,846	$ (127,533)	$ 422,658	$ 531,945
Balance, shares at Jun. 30, 2015	19,420,246				19,420,246

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (38,092)	$ (5,612)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	73,885	74,303
Impairment of natural gas and oil properties	2,544	15,592
Exploration expenses	9,011	36,755
Deferred income taxes	(21,159)	(6,901)
Loss (gain) from investment in affiliates	(288)	4,770
Loss on sale of assets	231
Stock-based compensation	2,578	2,115
Unrealized loss on derivative instruments	10	469
Changes in operating assets and liabilities:
Decrease in accounts receivable and other receivables	2,024	15,649
Increase in prepaid expenses	(1,173)	(1,692)
Increase (decrease) in accounts payable and advances from joint owners	(22,145)	2,050
Increase (decrease) in other accrued liabilities	(523)	160
Decrease in income taxes receivable, net	470	58
Other	802	(328)
Net cash provided by operating activities	8,751	127,848
CASH FLOWS FROM INVESTING ACTIVITIES:
Natural gas and oil exploration and development expenditures	(56,786)	(109,271)
Distributions from affiliates		5,365
Net cash used in investing activities	(56,786)	(103,906)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facility	218,267	233,973
Repayments under credit facility	(170,225)	(257,996)
Proceeds from exercised options		118
Purchase of treasury stock	(7)
Debt issuance costs		(37)
Net cash provided by (used in) financing activities	$ 48,035	$ (23,942)
NET CHANGE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS, END OF PERIOD

Organization And Business

Organization And Business	6 Months Ended
	Jun. 30, 2015
Organization And Business [Abstract]
Organization And Business	1. Organization and Business Contango Oil & Gas Company (collectively with its subsidiaries, “Contango” or the “Company”) is a Houston, Texas based, independent oil and natural gas company. The Company’s business is to maximize production and cash flow from its onshore properties in various plays and offshore properties in the shallow waters of the Gulf of Mexico (“GOM”), and to use that cash flow to explore, develop, exploit and acquire crude oil and natural gas properties in the onshore Texas Gulf Coast and Rocky Mountain regions of the United States. The following table lists the Company's primary producing areas as of June 30, 2015: Location Formation Gulf of Mexico Offshore Louisiana – water depths less than 300 feet Madison and Grimes counties, Texas Woodbine (Upper Lewisville) Zavala and Dimmitt counties, Texas Buda / Austin Chalk Weston County, Wyoming Muddy Sandstone Texas Gulf Coast Conventional formations Sublette County, Wyoming Jonah Field (1) (1) Through a 37% equity investment in Exaro Energy III LLC (“Exaro”). Production from this entity is not included in the Company’s production results for the three or six months ended June 30, 2015, or in its reported reserves as of December 31, 2014. The Company intends to grow reserves and production by further exploiting the unproved resource potential on its existing onshore property base with specific activity in any particular area or time, to be a function of drilling success, commodity prices and/or prevailing service costs. In addition, the Company owns developed and undeveloped acreage in several regions that it believes provides additional unproved resource potential that could provide significant long-term growth in production and reserves. Due to the current challenging commodity price environment, the Company is focusing its 2015 capital program on: (i) the preservation of its strong and flexible financial position, including limiting its overall capital expenditure budget; (ii) dedicating capital primarily to de-risking and/or delineating strategic projects (i.e. versus field development); (iii) the identification of opportunities for cost and production efficiencies in all areas of its operations; and (iv) continuing to identify and, when appropriate, pursue the expansion of its resource potential through opportunistic acquisitions. No drilling activity is planned for the GOM in 2015. The following table lists the areas to which the Company has budgeted to allocate capital during 2015: Location Formation Madison and Grimes counties, Texas Woodbine (Upper and Lower Lewisville) Weston County, Wyoming Muddy Sandstone Fayette and Gonzales counties, Texas Navarro / Buda / Austin Chalk

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accounting policies followed by the Company are set forth in the notes to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”). Please refer to the notes to the financial statements included in the 2014 Form 10-K for additional details of the Company’s financial condition, results of operations and cash flows. No material items included in those notes have changed except as a result of normal transactions in the interim or as disclosed within this report. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, pursuant to the rules and regulations of the SEC, including instructions to Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the unaudited consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the 2014 Form 10-K. The consolidated results of operations for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The Company’s consolidated financial statements include the accounts of Contango Oil & Gas Company and its subsidiaries, after elimination of all material intercompany balances and transactions. All wholly-owned subsidiaries are consolidated. Partially-owned oil and gas exploration and development affiliates which are not controlled by the Company, such as Republic Exploration LLC ("REX"), are proportionately consolidated. The investment in Exaro by our wholly-owned subsidiary, Contaro Company (“Contaro”) is accounted for using the equity method of accounting, and therefore, the Company does not include its share of individual operating results or production in those reported for the Company’s consolidated results. Impairment of Long-Lived Assets When circumstances indicate that proved properties may be impaired, the Company compares expected undiscounted future net cash flows on a field by field basis to the unamortized capitalized cost of the asset. If the future undiscounted net cash flows based on the Company’s estimate of future natural gas and oil prices and operating costs and anticipated production from risk adjusted proved, probable and possible reserves, are lower than the unamortized capitalized cost, then the capitalized cost is reduced to fair value. No impairment of proved properties was recognized for the three months ended June 30, 2015. The Company recognized a $2.0 million impairment of small marginal natural gas properties for the six months ended June 30, 2015. No impairment of proved properties was recognized for the three and six months ended June 30, 2014. Unproved properties are reviewed quarterly to determine if there has been impairment of the carrying value, with any such impairment charged to expense in the period. The Company recognized impairment expense of approximately $0.3 million, for the three months ended June 30, 2015. For the six months ended June 30, 2015, the Company recognized impairment expense of approximately $0.5 million related to impairment and partial impairment of certain unproved properties due to expiring leases. On April 29, 2014, the Company reached total depth on its Ship Shoal 255 well, and no commercial hydrocarbons were found. As a result, for the three months ended June 30, 2014, the Company recognized $10.1 million in exploration expenses for the cost of drilling the well and $0.5 million in impairment expense for the associated platform located in Block Ship Shoal 263. For the six months ended June 30, 2014, the Company recognized a total of $36.8 million in exploration expense for the cost of drilling the well and $15.6 million in impairment expense, including $3.5 million related to leasehold costs and $12.1 million related to the platform located at Block Ship Shoal 263, which was expected to be used by the Ship Shoal 255 well, had it been successful. Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended June 30, 2014, the weighted average incremental shares for stock options was 7,264 shares and the weighted average incremental shares for restricted stock was 48,257 shares. Potential dilutive securities, including unexercised stock options and unvested restricted stock, have not been considered when their effect would be antidilutive. For the three and six months ended June 30, 201 5, 129,347 stock options and 481,422 restricted shares were excluded from dilutive shares due to the loss for the period. For the three months ended June 30, 2014, 94,914 shares were excluded from dilutive shares as they were antidilutive. For the six months ended June 30, 2014, 130,639 stock options and 287,792 restricted shares were excluded from the dilutive shares due to the loss for the period. Subsidiary Guarantees Contango Oil & Gas Company, as the parent company (the “Parent Company”), has filed a registration statement on Form S-3 with the SEC to register, among other securities, debt securities that the Parent Company may issue from time to time. Any such debt securities would likely be guaranteed on a full and unconditional basis by each of Crimson Exploration Inc., Crimson Exploration Operating, Inc., Contango Energy Company, Contango Operators, Inc., Contango Mining Company, Conterra Company, Contaro Company, Contango Alta Investments, Inc., Contango Venture Capital Corporation and any other of our future subsidiaries specified in any future prospectus supplement (each a “Subsidiary Guarantor”). Each of the Subsidiary Guarantors is wholly-owned by the Parent Company, either directly or indirectly. The Parent Company has no assets or operations independent of the Subsidiary Guarantors, and there are no significant restrictions upon the ability of the Subsidiary Guarantors to distribute funds to the Parent Company. The Parent Company has one wholly-owned subsidiary that is inactive and not a Subsidiary Guarantor. Finally, the Parent Company’s wholly-owned subsidiaries do not have restricted assets that exceed 25% of net assets as of the most recent fiscal year end that may not be transferred to the Parent Company in the form of loans, advances or cash dividends by such subsidiary without the consent of a third party. Recent Accounting Pronouncements In June 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2015-10: Technical Corrections and Improvements (ASU 2015-10). ASU 2015-10 is part of an initiative to clarify the Accounting Standards Codification (Codification), correct unintended application of guidance, and make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2015-10 covers a wide range of topics in the Codification and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015; early adoption is permitted. The Company is currently evaluating the provisions of this accounting update and assessing the impact, if any, it may have on its financial position and results of operations. In April 2015, the FASB issued Accounting Standards Update No. 2015-03: Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 is part of an initiative to reduce complexity in accounting standards. This update simplifies the presentation of debt issuance costs, by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in this update. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015; early application is permitted for financial statements that have not been previously issued. The provisions of this accounting update are not expected to have a material impact on the Company’s financial position or results of operations. In January 2015, the FASB issued Accounting Standards Update No. 2015-01: Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (ASU 2015-01). ASU 2015-01 is part of an initiative to reduce complexity in accounting standards. This update eliminates from generally accepted accounting principles the concept of extraordinary items, which eliminates the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary. However, this will not result in a loss of information as the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015; early application is permitted. The provisions of this accounting update are not expected to have a material impact on the Company’s financial position or results of operations. In August 2014, the FASB issued Accounting Standards Update No. 2014-15: Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. (ASU 2014-15). ASU 2014-15 asserts that management should evaluate whether there are relevant condition or events that are known and reasonably knowable that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued or are available to be issued when applicable. If conditions or events at the date the financial statements are issued raise substantial doubt about an entity’s ability to continue as a going concern, disclosures are required which will enable users of the financial statements to understand the conditions or events as well as management’s evaluation and plan. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter; early application is permitted. The provisions of this accounting update are not expected to have a material impact on the Company’s financial position or results of operations. In May 2014, the FASB and the International Accounting Standards Board jointly issued new accounting guidance for recognition of revenue Accounting Standards Update No. 2014-09: Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). This new guidance replaces virtually all existing U.S. GAAP and International Financial Reporting Standards guidance on revenue recognition. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017. This new guidance applies to all periods presented. Early adoption is not allowed under U.S. GAAP. The new guidance requires companies to make more estimates and use more judgment than under current accounting guidance. The Company does not anticipate that the implementation of this new guidance will have a material impact on the Company’s consolidated financial position or results of operations for the periods presented.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	3. Fair Value Measurements Pursuant to A ccounting S tandards C odification 820, Fair Value Measurements and Disclosures (ASC 820), the Company's determination of fair value incorporates not only the credit standing of the counterparties involved in transactions with the Company resulting in receivables on the Company's consolidated balance sheets, but also the impact of the Company's nonperformance risk on its own liabilities. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 measurements are inputs that are observable for assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. The following table sets forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value as of June 30, 2015. As required by ASC 820, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There have been no transfers between Level 1, Level 2 or Level 3. Fair value information for financial assets and liabilities was as follows as of June 30, 2015 (in thousands): Total Fair Value Measurements Using Carrying Value Level 1 Level 2 Level 3 Derivatives Commodity price contracts - assets $ $ — $ $ — Commodity price contracts - liabilities $ $ — $ $ — Derivatives listed above include collars that are carried at fair value. The Company records the net change in the fair value of these positions in "Loss on derivatives, net" in the Company's consolidated statements of operations. The Company is able to value the assets and liabilities based on observable market data for similar instruments, which resulted in the Company reporting its derivatives as Level 2. This observable data includes the forward curves for commodity prices based on quoted markets prices and implied volatility factors related to changes in the forward curves. As of December 31, 2014, there were no outstanding commodity price contracts. See Note 4 - "Derivative Instruments" for additional discussion of derivatives. As of June 30, 2015, the Company's derivative contracts were with major financial institutions with investment grade credit ratings which are believed to have minimal credit risk. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties in the derivative contracts discussed above; however, the Company does not anticipate such nonperformance. Estimates of the fair value of financial instruments are made in accordance with the requirements of ASC 825, Financial Instruments. The estimated fair value amounts are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, accounts receivable and accounts payable approximates their carrying value due to their short-term nature. The estimated fair value of the Company's credit f acility with the Royal Bank of Canada and other lenders (the “RBC Credit Facility”) approximates carrying value because the facility interest rate approximates current market rates and is re-set at least every three months. See Note 8 - "Long-Term Debt" for further information.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments [Abstract]
Derivative Instruments	4. Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations, such as commodity price risk. Derivative contracts are typically utilized to hedge the Company's exposure to price fluctuations and reduce the variability in the Company's cash flows associated with anticipated sales of future oil and natural gas production. The Company typically hedges a substantial, but varying, portion of anticipated oil and natural gas production for future periods. The Company believes that these derivative arrangements, although not free of risk, allow it to achieve a more predictable cash flow and to reduce exposure to commodity price fluctuations. However, derivative arrangements limit the benefit of increases in the prices of crude oil, natural gas and natural gas liquids sales. Moreover, because its derivative arrangements apply only to a portion of its production, the Company’s strategy provides only partial protection against declines in commodity prices. Such arrangements may expose the Company to risk of financial loss in certain circumstances. The Company continuously reevaluates its hedging programs in light of changes in production, market conditions and commodity price forecasts. As of June 30, 2015, the Company’s crude oil derivative positions consisted of costless put/call “collars .” A costless collar consists of a sold call, which establishes a maximum price the Company will receive for the volumes under contract, and a purchased put that establishes a minimum price. It is the Company's policy to enter into derivative contracts only with counterparties that are creditworthy institutions deemed by management as competent and competitive market makers. The Company does not post collateral, nor is exposed to potential margin calls, under any of these contracts as they are secured under the RBC Credit Facility. See Note 8 - "Long-Term Debt" for further information regarding the RBC Credit Facility. The Company has elected not to designate any of its derivative contracts for hedge accounting. Accordingly, derivatives are carried at fair value on the consolidated balance sheets as assets or liabilities, with the changes in the fair value included in the consolidated statements of operations for the period in which the change occurs. The Company records the net change in the mark-to-market valuation of these derivative contracts, as well as all payments and receipts on settled derivative contracts, in "Loss on derivatives, net" on the consolidated statements of operations. The following derivative contracts were in place at June 30, 2015 (fair value in thousands): Commodity Period Derivative Volume/Month Price/Unit (1) Fair Value Crude Oil Jul 2015 Collar 25,000 Bbls $ 55.00 - $ 65.05 $ Crude Oil Jul 2015 - Dec 2015 Collar 35,000 Bbls $ 55.00 - $ 65.15 Total net fair value of derivative instruments $ (1) Commodity derivatives based on NYMEX West Texas Intermediate crude oil prices . The following summarizes the fair value of commodity derivatives outstanding on a gross and net basis as of June 30, 2015 (in thousands): Gross Netting (1) Total Assets $ $ $ — Liabilities $ $ $ (1) Represents counterparty netting under agreements governing such derivatives. As of December 31, 2014 , the Company did not have any outstanding derivative positions. The following table summarizes the effect of derivative contracts on the Consolidated Statements of Operations for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Crude oil contracts $ — $ $ — $ Natural gas contracts — — Realized loss $ — $ $ — $ Crude oil contracts $ $ $ $ Natural gas contracts — — Unrealized loss $ $ $ $ Loss on derivatives, net $ $ $ $

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Stock-Based Compensation [Abstract]
Stock-Based Compensation	5. Stock-Based Compensation During the six months ended June 30, 2015, the Company had a stock-based compensation program which allows for stock options and/or restricted stock to be awarded to officers, directors, consultants and employees. This program includes (i) the Company's Amended and Restated 2009 Incentive Compensation Plan (the “2009 Plan”); and (ii) the Crimson 2005 Stock Incentive Plan (the “2005 Plan” or "Crimson Plan") adopted in conjunction with the merger with Crimson Exploration Inc. in October 2013 (the “Merger”), which expired on February 25, 2015. Stock Options Under the fair value method of accounting for stock options, cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as financing cash flows. For the six months ended June 30, 2015 and 2014, there was no excess tax benefit recognized. Compensation expense related to stock option grants are recognized over the stock option’s vesting period based on the fair value at the date the options are granted. The fair value of each option is estimated as of the date of grant using the Black-Scholes options-pricing model. No stock options were granted during the six months ended June 30, 2015 or 2014. During the six months ended June 30, 2015, no stock options were exercised and stock options for 587 shares of common stock were forfeited by former employees. During the six months ended June 30, 2014, 4,081 stock options were exercised and stock options for 387 shares of common stock were forfeited. Restricted Stock During the six months ended June 30, 2015, the Company granted 270,091 shares of restricted common stock under the 2009 Plan. Of these, 242,887 shares were granted to employees as part of their overall compensation package, which vest over four years, and 27,204 shares were granted to directors pursuant to the Company’s director compensation plan, which vest after one year. Additionally, the Company issued the final 7,030 shares of restricted stock under the 2005 Plan to employees as part of their compensation package, which vest over four years. The weighted average fair value of the restricted shares granted during the six months ended June 30, 2015, was $22.02 with a total fair value of approximately $6.1 million after adjustment for an estimated weighted average forfeiture rate of 4.9% . Approximately 0.9 million shares remain available for grant under the 2009 Plan as of June 30, 2015. During the six months ended June 30, 2015, 4,519 restricted shares were forfeited by former employees. The aggregate intrinsic value of restricted shares forfeited during the six months ended June 30, 2015 was approximately $142 thousand. During the six months ended June 30, 2015, the Company recognized approximately $2. 6 million in stock-based compensation expense for the vesting of restricted shares previously granted to its officers, employees and directors. As of June 30, 2015, an additiona l $10.7 million of compensation expense remained to be recognized over the remaining weighted-average vesting period of 2.6 years .

Other Financial Information

Other Financial Information	6 Months Ended
	Jun. 30, 2015
Other Financial Information [Abstract]
Other Financial Information	6. Other Financial Information The following table provides additional detail for accounts receivable, prepaid expenses and other, and accounts payable and accrued liabilit ies which are presented on the Consolidated Balance S heets (in thousands): June 30, 2015 December 31, 2014 Accounts receivable: Trade receivable $ $ Receivable for Alta Resources distribution Joint interest billing Income taxes receivable Other receivables Allowance for doubtful accounts Total accounts receivable $ $ Prepaid expenses and other: Prepaid insurance $ $ Other Total prepaid expenses and other $ $ Accounts payable and accrued liabilities: Royalties and revenue payable $ $ Accrued exploration and development Trade payables Advances from partners Accrued general and administrative expenses Termination fees (1) — Other accounts payable and accrued liabilities Total accounts payable and accrued liabilities $ $ (1) Accrued fee related to early termination of drilling rig contract. Included in the table below is supplemental information about certain cash and non-cash transactions during the six months ended June 30, 2015 and 2014 (in thousands): Six Months Ended June 30, 2015 2014 Cash payments: Interest payments Income tax payments Non-cash investing activities in the consolidated statements of cash flows: Increase (decrease) in accrued capital expenditures

Investment In Exaro Energy III

Investment In Exaro Energy III LLC	6 Months Ended
	Jun. 30, 2015
Investment In Exaro Energy III LLC [Abstract]
Investment In Exaro Energy III LLC	7. Investment in Exaro Energy III LLC In April 2012, the Company entered into a Limited Liability Company Agreement (the “LLC Agreement”) in connection with the formation of Exaro. Pursuant to the LLC Agreement, as amended, the Company committed to invest up to $67.5 million in Exaro for an ownership interest of approximately 37% . As of December 31, 2014, the Company had invested approximately $46.9 million. No additional contributions were made during the six months ended June 30, 2015. The following table (in thousands) presents condensed balance sheet data for Exaro as of June 30, 2015 and December 31, 2014. The balance sheet data was derived from the Exaro balance sheet as of June 30, 2015 and December 31, 2014 and was not adjusted to represent the Company’s percentage of ownership interest in Exaro. The Company’s share in the equity of Exaro at June 30, 2015 was approximately $60. 9 million. June 30, 2015 December 31, 2014 Current assets $ $ Non-current assets: Net property and equipment Restricted cash escrow account — Other non-current assets Total non-current assets Total assets $ $ Current liabilities $ $ Non-current liabilities: Long-term debt Other non-current liabilities Total non-current liabilities Members' equity Total liabilities & members' equity $ $ The following table (in thousands) presents the condensed results of operations for Exaro for the three and six months ended June 30, 2015 and 2014. The results of operations for the three and six months ended June 30, 2015 and 2014 were derived from Exaro's financial statements for the respective periods. The income statement data below was not adjusted to represent the Company’s ownership interest but rather reflects the results of Exaro as a company. The Company's share in Exaro's results of operations recognized for the three months ended June 30, 2015 and 2014 was a loss of $0.7 million, net of tax benefit of $ 0.4 million, and a gain of $1.5 million, net of tax expense of $0.8 million, respectively. The Company’s share of Exaro’s results of operations recognized for the six months ended June 30, 2015 and 2014 was a loss of $0.2 million, net of tax benefit of $0.1 million, and a gain of $3.1 million, net of tax expense of $1.7 million, respectively . Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Production: Oil (thousand barrels) Gas (million cubic feet) Total (million cubic feet equivalent) Oil and natural gas sales $ $ $ $ Other loss Less: Lease operating expenses Depreciation, depletion, amortization & accretion General & administrative expense Income (loss) from continuing operations Net interest expense Net income (loss) $ $ $ $ Included in Other loss are realized and unrealized gains and losses attributable to derivatives, whose value is likely to change based on future oil and gas prices. Exaro's results of operations do not include income taxes because Exaro is treated as a partnership for tax purposes.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Long-Term Debt [Abstract]
Long-Term Debt	8. Long-Term Debt RBC Credit Facility In October 2013, the Company entered into a $500 million four-year revolving credit facility with Royal Bank of Canada and other lenders with an initial hydrocarbon supported borrowing base of $275 million. Effective May 7, 2015, as part of the regular redetermination schedule, the Company’s bank group redetermined the Company’s borrowing base at $225 million, primarily due to lower commodity prices. The next regular scheduled redetermination will be November 1, 2015. As of June 30, 2015 and December 31, 2014, the Company had approximately $111.4 million and $63.4 million, respectively, outstanding under the RBC Credit Facility and $1.9 million and $1.9 million, respectively, in outstanding letters of credit. As of June 30, 2015, borrowing availability under the RBC Credit Facility was $111.7 million . Borrowings under the RBC Credit Facility bear interest at a rate that is dependent upon LIBOR, the U.S. prime rate, or the federal funds rate, plus a margin dependent upon the amount outstanding. Additionally, the Company must pay a commitment fee on the amount of the facility that remains unused, which varies from .375% to .5% , depending on the amount of the credit facility that is unused. Total interest expense under the RBC Credit Facility, including commitment fees, for the three and six months ended June 30, 2015 was approximately $0.8 million and $1.5 million , respectively. Total interest expense under the RBC Credit Facility, including commitment fees, for the three and six months ended June 30, 2014 was approximately $0.7 million and $1.4 million, respectively. The RBC Credit Facility contains restrictive covenants which, among other things, restrict the declaration or payment of dividends by Contango and require the maintenance of a minimum current ratio and a maximum leverage ratio. As of June 30, 2015, the Company was in compliance with all covenants under the RBC Credit Facility. The RBC Credit Facility also contains events of default that may accelerate repayment of any borrowings and/or termination of the facility. Events of default include, but are not limited to, payment defaults, breach of certain covenants, bankruptcy, insolvency or change of control events. The weighted average interest rate in effect at June 30, 2015 and December 31, 2014 was 2.04% and 1.96% , respectively. The RBC Credit Facility matures on October 1, 2017, at which time any outstanding balances will be due.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	9. Income Taxes The Company’s income tax provision for continuing operations consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Current tax provision (benefit): Federal $ — $ — $ — $ State Total $ $ $ $ Deferred tax provision (benefit): Federal $ $ $ $ State Total $ $ $ $ Total tax provision (benefit): Federal $ $ $ $ State Total $ $ $ $ Included in gain (loss) from investment in affiliates $ $ $ $ Total income tax provision (benefit) $ $ $ $

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions Juneau Exploration L.P. In April 2012, Mr. Brad Juneau, the sole manager of the general partner of Juneau Exploration L.P. (“JEX”), joined the Company’s Board of Directors. On January 1, 2013, the Company, entered into an advisory agreement with JEX (the "Contaro Advisory Agreement"). Under the Contaro Advisory Agreement, JEX provided advisory services to Contaro in connection with Contaro's investment in Exaro, and Mr. Juneau served on the Board of Managers of Exaro and performed such duties as described in the limited liability company operating agreement of Exaro. Pursuant to the Contaro Advisory Agreement, JEX was paid a monthly fee of $10,000 and was entitled to receive a 1% fee of the cash profit earned by Contaro. On March 19, 2014, Mr. Juneau resigned from the Company’s board of directors and no longer provides services under the Contaro Advisory Agreement. As a result, the Contaro Advisory Agreement was terminated effective as of March 19, 2014. Olympic Energy Partners In December 2012, Mr. Joseph J. Romano was elected President and Chief Executive Officer of th e Company and in April 2013 was named Chairman of the Company. Upon the Merger with Crimson Exploration Inc. (“Crimson”) on October 1, 2013, Mr. Romano resigned as President and Chief Executive Officer, but remains Chairman. Mr. Romano is also the President and Chief Executive Officer of Olympic Energy Partners LLC ("Olympic"). JEX, affiliates of JEX, and Olympic historically participated with the Company in the drilling and development of certain prospects through participation agreements and joint operating agreements, which specify each participant’s working interest ("WI"), net revenue interest ("NRI"), and describe when such interests are earned, as well as allocate an overriding royalty interest ("ORRI") of up to 3.33% to benefit the employees of JEX, excluding Mr. Juneau, except where otherwise noted. Olympic last participated with the Company in the drilling of wells in March 2010, and its ownership in Company-operated wells is limited to its Dutch and Mary Rose wells. Republic Exploration LLC In his capacity as sole manager of the general partner of JEX, Mr. Juneau also controls the activities of REX, an entity owned 34.4% by JEX, 32.3% by Contango and 33.3% by a third party which contributed other assets to REX. REX generates and evaluates offshore exploration prospects and has historically participated with the Company in the drilling and development of certain prospects through participation agreements and joint operating agreements, which specify each participant’s working interest, net revenue interest and describe when such interests are earned, as well as allocate an overriding royalty interest of up to 3.33% to benefit the employees of JEX. The Company proportionately consolidates the results of REX in its consolidated financial statements. As of June 30, 2015, Olympic, JEX, REX and JEX employees owned the following interests in the Company's offshore wells. Olympic JEX REX JEX Employees WI NRI WI NRI WI NRI ORRI Dutch #1 - #5 —% —% 2.02% Mary Rose #1 —% —% 2.79% Mary Rose #2 - #3 —% —% 2.79% Mary Rose #4 —% —% 1.82% Mary Rose #5 —% —% 1.82% Ship Shoal 263 —% —% —% —% —% —% 3.33% Vermilion 170 —% —% 3.33% During the three and six months ended June 30, 2015, Mr. Romano earned $26 thousand and $53 thousand , respectively, for his service as a director of the Company. During the three and six months ended June 30, 2014, Mr. Romano earned $26 thousand and $52 thousand, respectively, for his service as a director of the Company. During the three months ended March 31, 2014, Mr. Juneau earned $12 thousand, for his service as a director of the Company, and on March 19, 2014, Mr. Juneau resigned from the board of directors. During the quarter ended December 31, 2013 , Mr. Romano and Mr. Juneau each received 1,622 shares of restricted stock, which vest 100% on the one -year anniversary of the date of grant, as part of their board of director compensation. In April 2014 , the board of directors accelerated the vesting of Mr. Juneau's 1,622 shares which would have otherwise been forfeited upon his resignation in March 2014 . The Company recognized compensation expense of approximately $71 thousand related to the shares granted to Mr. Juneau for the three months ended March 31, 2014. Additionally, during the quarters ended September 30, 2014 and June 30, 2015, the Company granted 2,612 and 4,534 shares of restricted stock, respectively, which both vest 100% on the one -year anniversary of the date of grant, to Mr. Romano as part of his board of director compensation. The Company recognized compensation expense of approximately $35 thousand and $62 thousand related to the shares granted to Mr. Romano for the three and six months ended June 30, 2015, respectively. During the three and six months ended June 30, 2014, the Company recognized compensation expense of approximately $18 thousand and $36 thousand , respectively, related to the shares granted to Mr. Romano. In July 2014, Mr. Romano received a bonus of $4.0 million as a result of the Merg er with Crimson . Approximately $1.3 million and $2.6 million related to this bonus is included in general and administrative expenses for the three and six months ended June 30, 2014, respectively. Effective January 1, 2014, the Company subleased to JEX a portion of its previous office space at 3700 Buffalo Speedway, Houston, Texas for approximately $0.1 million per year, which approximates the Company’s r ental liability for that space. The sublease agreement expires in February 2016. Below is a summary of payments received from (paid to) Olympic, JEX and REX in the ordinary course of business in the Company’s capacity as operator of the wells and platforms for the periods indicated. The Company made and received similar types of payments with other well owners (in thousands): Three Months Ended June 30, 2015 2014 Olympic JEX REX Olympic JEX REX Revenue payments as well owners $ $ $ $ $ $ Joint interest billing receipts Six Months Ended June 30, 2015 2014 Olympic JEX REX Olympic JEX REX Revenue payments as well owners $ $ $ $ $ $ Joint interest billing receipts Below is a summary of payments received from (paid to) Olympic, JEX and REX as a result of specific transactions between the Company, Olympic, JEX and REX. While these payments are in the ordinary course of business, the Company did not have similar transactions with other well owners (in thousands): Three Months Ended June 30, 2015 2014 Olympic JEX REX Olympic JEX REX Reimbursement of certain costs $ — $ — $ — $ $ $ — Rent received for sublease — — — — — Six Months Ended June 30, 2015 2014 Olympic JEX REX Olympic JEX REX Reimbursement of certain costs $ — $ — $ — $ $ $ — Rent received for sublease — — — — As of June 30, 2015 and December 31, 2014, the Company's consolidated balance sheets reflected the following balances (in thousands): June 30, 2015 December 31, 2014 Olympic JEX REX Olympic JEX REX Accounts receivable: Joint interest billing $ $ $ $ $ $ Accounts payable: Royalties and revenue payable Oaktree Capital Management L.P. As of June 30, 2015, Oaktree Capital Management L.P. ("Oaktree"), through various funds, owned approximately 6.6% of the Company's stock. On October 1, 2013, Mr. James Ford, a Managing Director and Portfolio Manager within Oaktree, was elected to the Company's board of directors. As part of Mr. Ford's director compensation, all cash and equity awards payable to Mr. F ord are instead granted to an affiliate of Oaktree. An affiliate of Oaktree received 1,622 shares of restricted stock during the quar ter ended December 31, 2013, 2,612 shares of restricted stock during the quarter ended September 30, 2014 , and 4,534 shares of restricted stock during the quarter ended June 30, 2015 . These shares vest 100% on the one -year anniversary of the date of the grant. During the three and six months ended June 30, 2015, the affiliate of Oaktree earned $15 thousand and $32 thousand in cash as a result of Mr. Ford's board participation, and the Company recognized compensation expense of approximately $35 thousand and $62 thousand related to the shares of restricted stock previously granted to an affiliate of Oaktree under the Director Compensation Plan. During the three and six months ended June 30, 2014, the affiliate of Oaktree earned $13 thousand and $32 thousand in cash as a result of Mr. Ford's board participation, and the Company recognized compensation expense of approximately $18 thousand and $36 thousand related to the shares of restricted stock previously granted to an affiliate of Oaktree under the Director Compensation Plan .

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies[Abstract]
Commitments And Contingencies	11. Commitments and Contingencies Legal Proceedings From time to time, the Company is involved in legal proceedings relating to claims associated with its properties, operations or business or arising from disputes with vendors in the normal course of business, including the material matters discussed below. Mineral interest owners in South Louisiana filed suit against a subsidiary of the Company and several co-defendants in June 2009 in the 31st Judicial District Court situated in Jefferson Davis Parish, Louisiana alleging failure to act as a reasonably prudent operator, failure to explore, waste, breach of contract, etc. in connection with two wells located in Jefferson Davis Parish. Many of the alleged improprieties occurred prior to the Company’s ownership of an interest in the wells at issue, although the Company may have assumed liability otherwise attributable to its predecessors-in-interest through the acquisition documents relating to the acquisition of the Company’s interest in these wells. The Company and its co-defendants obtained a favorable judgment from the trial court following a bench trial. In late 2014, the Louisiana Third Circuit Court of Appeals issued an opinion reversing the trial court’s rulings and rendering judgment in favor of the plaintiffs for approximately $13.4 million. The decision by the court of appeals did not allocate liability among the defendants although the Company would likely be responsible for at least one-half, and possibly as much as two-thirds, of the judgment if it stands. The Company and its co-defendants filed an application for a writ of certiorari to the Louisiana Supreme Court seeking review of this case by the state’s highest court. Our writ was granted in April 2015, although there remains uncertainty whether the Louisiana Supreme Court will rule in its favor. The Company and its co-defendants are vigorously defending this lawsuit and believe that they have a meritorious position. A companion case involving the same set of facts was filed in the same trial court on April 19, 2013 on behalf of additional mineral interest owners but has been inactive pending the appeal of the original case. The Company’s potential exposure in this companion case is expected to be affected by the outcome of the Company’s appeal of the original case. In November 2010, a subsidiary of the Company, several predecessor operators and several product purchasers were named in a lawsuit filed in the District Court for Lavaca County in Texas by an entity alleging that it owns a working interest in two wells that has not been recognized by us or by predecessor operators to which the Company had granted indemnification rights. In dispute is whether ownership rights were transferred through a number of decade-old poorly documented transactions. Based on prior summary judgments, the trial court has entered a final judgment in the case in favor of the plaintiffs for approximately $5.3 million, plus post-judgment interest. The Company is vigorously defending this lawsuit, believes that it has meritorious defenses and is appealing the trial court’s decision to the applicable state Court of Appeals . In September 2012, a subsidiary of the Company was named as defendant in a lawsuit filed in district court for Harris County in Texas involving a title dispute over a 1/16th mineral interest in the producing intervals of certain wells operated by us in the Catherine Henderson “A” Unit in Liberty County in Texas. This case was subsequently transferred to the district court for Liberty County, Texas and combined with a suit filed by other parties against the plaintiff claiming ownership of the disputed interest. The plaintiff has alleged that, based on its interpretation of a series of 1972 deeds, it owns an additional 1/16th unleased mineral interest in the producing intervals of these wells on which it has not been paid (this claimed interest is in addition to a 1/16th unleased mineral interest on which it has been paid). The Company has made royalty payments with respect to the disputed interest in reliance, in part, upon leases obtained from successors to the grantors under the aforementioned deeds, who claim to have retained the disputed mineral interests thereunder. The plaintiff previously alleged damages of approximately $10.7 million although the plaintiff’s claim increases as additional hydrocarbons are produced from the subject wells. The Company is vigorously defending this lawsuit and believes that it has meritorious defenses. The Company believes if this matter were to be determined adversely, amounts owed to the plaintiff could be partially offset by recoupment rights the Company may have against other working interest and/or royalty interest owners in the unit. In February 2011, a subsidiary of the Company and certain of its working interest partners and insurance carriers brought suit against a marine construction, dredging and tunneling company and an instrumentality of the United States of America in the U.S. District Court for the Southern District of Texas – Houston Division seeking monetary damages for damage to an offshore pipeline which was struck by a dredge. Following a bench trial in December 2013, the Company and its co- plaintiffs obtained a favorable judgment from the trial court. The U.S. Court of Appeals for the 5 th Circuit affirmed the trial court’s ruling in May 2015, and in July 2015, one of the co-defendants paid the full amount of the $13.9 million judgment (approximately $4.8 million net to the Company) . In May 2015, a subsidiary of the Company and several working interest partners settled a lawsuit with a mineral interest owner and a third-party operator pending in district court for Dimmit County, Texas. The suit involved a challenge from the mineral interest owner to the validity of an oil and gas lease and various other claims relating to the property subject to the lease. The settlement resulted in the subsidiary of the Company and its working interest partners receiving $5.0 million ($2.5 million net to the Company ) in exchange for a release of their respective interests in the lease at issue. While many of these matters involve inherent uncertainty and the Company is unable at the date of this filing to estimate an amount of possible loss with respect to certain of these matters, the Company believes that the amount of the liability, if any, ultimately incurred with respect to these proceedings or claims will not have a material adverse effect on its consolidated financial position as a whole or on its liquidity, capital resources or future annual results of operations. The Company maintains various insurance policies that may provide coverage when certain types of legal proceedings are determined adversely.

Summary Of Significant Accoun18

Summary Of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Basis Of Presentation	The accounting policies followed by the Company are set forth in the notes to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”). Please refer to the notes to the financial statements included in the 2014 Form 10-K for additional details of the Company’s financial condition, results of operations and cash flows. No material items included in those notes have changed except as a result of normal transactions in the interim or as disclosed within this report. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, pursuant to the rules and regulations of the SEC, including instructions to Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the unaudited consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the 2014 Form 10-K. The consolidated results of operations for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.
Principles Of Consolidation	The Company’s consolidated financial statements include the accounts of Contango Oil & Gas Company and its subsidiaries, after elimination of all material intercompany balances and transactions. All wholly-owned subsidiaries are consolidated. Partially-owned oil and gas exploration and development affiliates which are not controlled by the Company, such as Republic Exploration LLC ("REX"), are proportionately consolidated. The investment in Exaro by our wholly-owned subsidiary, Contaro Company (“Contaro”) is accounted for using the equity method of accounting, and therefore, the Company does not include its share of individual operating results or production in those reported for the Company’s consolidated results.
Impairment Of Oil And Gas Properties	Impairment of Long-Lived Assets When circumstances indicate that proved properties may be impaired, the Company compares expected undiscounted future net cash flows on a field by field basis to the unamortized capitalized cost of the asset. If the future undiscounted net cash flows based on the Company’s estimate of future natural gas and oil prices and operating costs and anticipated production from risk adjusted proved, probable and possible reserves, are lower than the unamortized capitalized cost, then the capitalized cost is reduced to fair value. No impairment of proved properties was recognized for the three months ended June 30, 2015. The Company recognized a $2.0 million impairment of small marginal natural gas properties for the six months ended June 30, 2015. No impairment of proved properties was recognized for the three and six months ended June 30, 2014. Unproved properties are reviewed quarterly to determine if there has been impairment of the carrying value, with any such impairment charged to expense in the period. The Company recognized impairment expense of approximately $0.3 million, for the three months ended June 30, 2015. For the six months ended June 30, 2015, the Company recognized impairment expense of approximately $0.5 million related to impairment and partial impairment of certain unproved properties due to expiring leases. On April 29, 2014, the Company reached total depth on its Ship Shoal 255 well, and no commercial hydrocarbons were found. As a result, for the three months ended June 30, 2014, the Company recognized $10.1 million in exploration expenses for the cost of drilling the well and $0.5 million in impairment expense for the associated platform located in Block Ship Shoal 263. For the six months ended June 30, 2014, the Company recognized a total of $36.8 million in exploration expense for the cost of drilling the well and $15.6 million in impairment expense, including $3.5 million related to leasehold costs and $12.1 million related to the platform located at Block Ship Shoal 263, which was expected to be used by the Ship Shoal 255 well, had it been successful.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended June 30, 2014, the weighted average incremental shares for stock options was 7,264 shares and the weighted average incremental shares for restricted stock was 48,257 shares. Potential dilutive securities, including unexercised stock options and unvested restricted stock, have not been considered when their effect would be antidilutive. For the three and six months ended June 30, 201 5, 129,347 stock options and 481,422 restricted shares were excluded from dilutive shares due to the loss for the period. For the three months ended June 30, 2014, 94,914 shares were excluded from dilutive shares as they were antidilutive. For the six months ended June 30, 2014, 130,639 stock options and 287,792 restricted shares were excluded from the dilutive shares due to the loss for the period.
Subsidiary Guarantees	Subsidiary Guarantees Contango Oil & Gas Company, as the parent company (the “Parent Company”), has filed a registration statement on Form S-3 with the SEC to register, among other securities, debt securities that the Parent Company may issue from time to time. Any such debt securities would likely be guaranteed on a full and unconditional basis by each of Crimson Exploration Inc., Crimson Exploration Operating, Inc., Contango Energy Company, Contango Operators, Inc., Contango Mining Company, Conterra Company, Contaro Company, Contango Alta Investments, Inc., Contango Venture Capital Corporation and any other of our future subsidiaries specified in any future prospectus supplement (each a “Subsidiary Guarantor”). Each of the Subsidiary Guarantors is wholly-owned by the Parent Company, either directly or indirectly. The Parent Company has no assets or operations independent of the Subsidiary Guarantors, and there are no significant restrictions upon the ability of the Subsidiary Guarantors to distribute funds to the Parent Company. The Parent Company has one wholly-owned subsidiary that is inactive and not a Subsidiary Guarantor. Finally, the Parent Company’s wholly-owned subsidiaries do not have restricted assets that exceed 25% of net assets as of the most recent fiscal year end that may not be transferred to the Parent Company in the form of loans, advances or cash dividends by such subsidiary without the consent of a third party.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2015-10: Technical Corrections and Improvements (ASU 2015-10). ASU 2015-10 is part of an initiative to clarify the Accounting Standards Codification (Codification), correct unintended application of guidance, and make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2015-10 covers a wide range of topics in the Codification and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015; early adoption is permitted. The Company is currently evaluating the provisions of this accounting update and assessing the impact, if any, it may have on its financial position and results of operations. In April 2015, the FASB issued Accounting Standards Update No. 2015-03: Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 is part of an initiative to reduce complexity in accounting standards. This update simplifies the presentation of debt issuance costs, by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in this update. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015; early application is permitted for financial statements that have not been previously issued. The provisions of this accounting update are not expected to have a material impact on the Company’s financial position or results of operations. In January 2015, the FASB issued Accounting Standards Update No. 2015-01: Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (ASU 2015-01). ASU 2015-01 is part of an initiative to reduce complexity in accounting standards. This update eliminates from generally accepted accounting principles the concept of extraordinary items, which eliminates the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary. However, this will not result in a loss of information as the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015; early application is permitted. The provisions of this accounting update are not expected to have a material impact on the Company’s financial position or results of operations. In August 2014, the FASB issued Accounting Standards Update No. 2014-15: Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. (ASU 2014-15). ASU 2014-15 asserts that management should evaluate whether there are relevant condition or events that are known and reasonably knowable that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued or are available to be issued when applicable. If conditions or events at the date the financial statements are issued raise substantial doubt about an entity’s ability to continue as a going concern, disclosures are required which will enable users of the financial statements to understand the conditions or events as well as management’s evaluation and plan. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter; early application is permitted. The provisions of this accounting update are not expected to have a material impact on the Company’s financial position or results of operations. In May 2014, the FASB and the International Accounting Standards Board jointly issued new accounting guidance for recognition of revenue Accounting Standards Update No. 2014-09: Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). This new guidance replaces virtually all existing U.S. GAAP and International Financial Reporting Standards guidance on revenue recognition. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017. This new guidance applies to all periods presented. Early adoption is not allowed under U.S. GAAP. The new guidance requires companies to make more estimates and use more judgment than under current accounting guidance. The Company does not anticipate that the implementation of this new guidance will have a material impact on the Company’s consolidated financial position or results of operations for the periods presented.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Schedule Of Fair Value Of Financial Assets And (Liabilities)	Total Fair Value Measurements Using Carrying Value Level 1 Level 2 Level 3 Derivatives Commodity price contracts - assets $ $ — $ $ — Commodity price contracts - liabilities $ $ — $ $ —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments [Abstract]
Schedule Of Derivative Contracts	Commodity Period Derivative Volume/Month Price/Unit (1) Fair Value Crude Oil Jul 2015 Collar 25,000 Bbls $ 55.00 - $ 65.05 $ Crude Oil Jul 2015 - Dec 2015 Collar 35,000 Bbls $ 55.00 - $ 65.15 Total net fair value of derivative instruments $ Commodity derivatives based on NYMEX West Texas Intermediate crude oil prices
Schedule Of Fair Value Of Commodity Derivatives	Gross Netting (1) Total Assets $ $ $ — Liabilities $ $ $ (1) Represents counterparty netting under agreements governing such derivatives.
Schedule Of Derivative Contracts On Operations	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Crude oil contracts $ — $ $ — $ Natural gas contracts — — Realized loss $ — $ $ — $ Crude oil contracts $ $ $ $ Natural gas contracts — — Unrealized loss $ $ $ $ Loss on derivatives, net $ $ $ $

Other Financial Information (Ta

Other Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Other Financial Information [Abstract]
Schedule Of Additional Financial Details	June 30, 2015 December 31, 2014 Accounts receivable: Trade receivable $ $ Receivable for Alta Resources distribution Joint interest billing Income taxes receivable Other receivables Allowance for doubtful accounts Total accounts receivable $ $ Prepaid expenses and other: Prepaid insurance $ $ Other Total prepaid expenses and other $ $ Accounts payable and accrued liabilities: Royalties and revenue payable $ $ Accrued exploration and development Trade payables Advances from partners Accrued general and administrative expenses Termination fees (1) — Other accounts payable and accrued liabilities Total accounts payable and accrued liabilities $ $
Schedule Of Supplemental Disclosures	Six Months Ended June 30, 2015 2014 Cash payments: Interest payments Income tax payments Non-cash investing activities in the consolidated statements of cash flows: Increase (decrease) in accrued capital expenditures

Investment In Exaro Energy II22

Investment In Exaro Energy III LLC (Tables) - Exaro Energy III LLC [Member]	6 Months Ended
	Jun. 30, 2015
Schedule Of Condensed Balance Sheet Data	June 30, 2015 December 31, 2014 Current assets $ $ Non-current assets: Net property and equipment Restricted cash escrow account — Other non-current assets Total non-current assets Total assets $ $ Current liabilities $ $ Non-current liabilities: Long-term debt Other non-current liabilities Total non-current liabilities Members' equity Total liabilities & members' equity $ $
Schedule Of Condensed Income Statement Data	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Production: Oil (thousand barrels) Gas (million cubic feet) Total (million cubic feet equivalent) Oil and natural gas sales $ $ $ $ Other loss Less: Lease operating expenses Depreciation, depletion, amortization & accretion General & administrative expense Income (loss) from continuing operations Net interest expense Net income (loss) $ $ $ $

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Components Of Income Tax Expense (Benefit)	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Current tax provision (benefit): Federal $ — $ — $ — $ State Total $ $ $ $ Deferred tax provision (benefit): Federal $ $ $ $ State Total $ $ $ $ Total tax provision (benefit): Federal $ $ $ $ State Total $ $ $ $ Included in gain (loss) from investment in affiliates $ $ $ $ Total income tax provision (benefit) $ $ $ $

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule Of Oil and Gas Ownership Interests	Olympic JEX REX JEX Employees WI NRI WI NRI WI NRI ORRI Dutch #1 - #5 —% —% 2.02% Mary Rose #1 —% —% 2.79% Mary Rose #2 - #3 —% —% 2.79% Mary Rose #4 —% —% 1.82% Mary Rose #5 —% —% 1.82% Ship Shoal 263 —% —% —% —% —% —% 3.33% Vermilion 170 —% —% 3.33%
Schedule Of Payments Received From (Made To) Related Parties	Three Months Ended June 30, 2015 2014 Olympic JEX REX Olympic JEX REX Revenue payments as well owners $ $ $ $ $ $ Joint interest billing receipts Six Months Ended June 30, 2015 2014 Olympic JEX REX Olympic JEX REX Revenue payments as well owners $ $ $ $ $ $ Joint interest billing receipts Below is a summary of payments received from (paid to) Olympic, JEX and REX as a result of specific transactions between the Company, Olympic, JEX and REX. While these payments are in the ordinary course of business, the Company did not have similar transactions with other well owners (in thousands): Three Months Ended June 30, 2015 2014 Olympic JEX REX Olympic JEX REX Reimbursement of certain costs $ — $ — $ — $ $ $ — Rent received for sublease — — — — — Six Months Ended June 30, 2015 2014 Olympic JEX REX Olympic JEX REX Reimbursement of certain costs $ — $ — $ — $ $ $ — Rent received for sublease — — — —
Schedule Of Related Party Balances	June 30, 2015 December 31, 2014 Olympic JEX REX Olympic JEX REX Accounts receivable: Joint interest billing $ $ $ $ $ $ Accounts payable: Royalties and revenue payable

Organization And Business (Deta

Organization And Business (Details) - ft	6 Months Ended
	Jun. 30, 2015	Apr. 30, 2012
GULF OF MEXICO
Gas and Oil Acreage [Line Items]
Water depth of operations	300
Exaro Energy III LLC [Member]
Gas and Oil Acreage [Line Items]
Equity method investment, ownership percentage		37.00%

Summary Of Significant Accoun26

Summary Of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
Significant Accounting Policies [Line Items]
Cash and cash equivalents
Allowance for doubtful accounts	$ 666		$ 666		$ 590
Impairment of proved properties			2,000
Impairment charges, unproved properties	300		500	$ 15,600
Exploration expenses	$ 6,924	$ 10,853	$ 11,407	$ 37,784
Restricted assets, percent of net assets	25.00%		25.00%
Employee Stock Options [Member]
Significant Accounting Policies [Line Items]
Weighted average incremental shares		7,264
Potentially dilutive shares	129,347	94,914	129,347	130,639
Restricted Stock [Member]
Significant Accounting Policies [Line Items]
Weighted average incremental shares		48,257
Potentially dilutive shares	481,422		481,422	287,792
Ship Shoal 263 [Member]
Significant Accounting Policies [Line Items]
Impairment charges, unproved properties		$ 500		$ 12,100
Ship Shoal 255 Well [Member]
Significant Accounting Policies [Line Items]
Impairment charges, unproved properties				3,500
Exploration expenses		$ 10,100		$ 36,800
Exaro Energy III LLC [Member]
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage							37.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Range [Domain] $ in Thousands	3 Months Ended
	Dec. 31, 2014bbl	Jun. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net		$ (10)
Total Volume | bbl	0
Contango [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity price contracts - assets		3
Commodity price contracts - liabilities		(13)
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity price contracts - assets		3
Commodity price contracts - liabilities		$ (13)

Derivative Instruments (Schedul

Derivative Instruments (Schedule Of Derivative Contracts) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2014bbl	Jun. 30, 2015USD ($)bbl / mo$ / bbl
Derivative [Line Items]
Total Volume | bbl	0
Fair Value, Asset (Liability)		$ (10)
Derivative Assets (Liabilities), at Fair Value, Net		$ (10)
Crude Oil Derivative Contract July 2015 [Member]
Derivative [Line Items]
Volume/Month | bbl / mo		25,000
Fair Value, Asset (Liability)		$ 3
Derivative Assets (Liabilities), at Fair Value, Net		$ 3
Crude Oil Derivative Contract July 2015 [Member] | Minimum [Member]
Derivative [Line Items]
Floor Price (in USD per Bbl) | $ / bbl		55
Crude Oil Derivative Contract July 2015 [Member] | Maximum [Member]
Derivative [Line Items]
Cap Price (in USD per Bbl) | $ / bbl		65.05
Crude Oil Derivative Contract July 2015 - December 2015 [Member]
Derivative [Line Items]
Volume/Month | bbl / mo		35,000
Fair Value, Asset (Liability)		$ (13)
Derivative Assets (Liabilities), at Fair Value, Net		$ (13)
Crude Oil Derivative Contract July 2015 - December 2015 [Member] | Minimum [Member]
Derivative [Line Items]
Floor Price (in USD per Bbl) | $ / bbl		55
Crude Oil Derivative Contract July 2015 - December 2015 [Member] | Maximum [Member]
Derivative [Line Items]
Cap Price (in USD per Bbl) | $ / bbl		65.15

Derivative Instruments (Sched29

Derivative Instruments (Schedule Of Fair Value Of Commodity Derivatives) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Commodity Derivatives [Member]
Commodity derivatives
Gross	$ 3
Netting	(3)
Liabilities:
Gross	(13)
Netting	3
Total	(10)
Contango [Member]
Commodity derivatives
Total	3
Liabilities:
Total	$ (13)

Derivative Instruments (Sched30

Derivative Instruments (Schedule Of Derivative Contracts On Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss		$ (1,051)		$ (2,753)
Unrealized loss	$ (10)	(212)	$ (10)	(469)
Loss on derivatives, net	(10)	(1,263)	(10)	(3,222)
Crude Oil Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss		(809)		(1,171)
Unrealized loss	$ (10)	(394)	$ (10)	(235)
Natural Gas Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss		(242)		(1,582)
Unrealized loss		$ 182		$ (234)

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 2,578	$ 2,115
Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised in period (in shares)		4,081
Excess tax benefit from exercise/cancellation of stock options	$ 0	$ 0
Stock options granted in period (in shares)	0	0
Options forfeitures during the period (in shares)	587	387
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of restricted stock granted (in dollars per share)	$ 22.02
Value of issued stock after adjustment for estimated forfeiture rate	$ 6,100
Weighted average forfeiture rate	4.90%
Restricted stock forfeitures during the period (in shares)	4,519
Value of forfeitures during the period	$ 142
Restricted stock expense	2,600
Compensation expense not yet recognized	$ 10,700
Compensation expense, remaining weighted average vesting period	2 years 7 months 6 days
2009 Equity Compensation Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	900,000
Restricted stock granted in period (in shares)	270,091
2009 Plan Employees [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Restricted stock granted in period (in shares)	242,887
2009 Plan Directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Restricted stock granted in period (in shares)	27,204
2005 Plan Employees [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Restricted stock granted in period (in shares)	7,030

Other Financial Information (Sc

Other Financial Information (Schedule Of Additional Financial Details) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts Receivable:
Trade receivable	$ 12,228	$ 13,926
Receivable for Alta Resources distribution	1,993	1,993
Joint interest billing	4,919	4,096
Income taxes receivable	3,236	3,274
Other receivables	1,461	2,610
Allowance for doubtful accounts	(666)	(590)
Total Accounts Receivable	23,171	25,309
Prepaid Expenses and Other:
Prepaid insurance	2,355	1,242
Other	760	699
Total Prepaid Expenses and Other	3,115	1,941
Accounts Payable and Accrued Liabilities:
Royalties and revenue payable	23,678	31,653
Accrued exploration and development	13,473	26,538
Trade payable	8,034	17,282
Advances from partners	2,871	8,334
Termination fees	2,456
Accrued general and administrative expenses	5,069	6,258
Other accounts payable and accrued liabilities	4,466	2,827
Total Accounts Payable and Accrued Liabilities	$ 60,047	$ 92,892

Other Financial Information (33

Other Financial Information (Schedule Of Non-Cash Transactions) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash payments:
Interest payments	$ 1,503	$ 1,531
Income tax payments (receipts)	34	132
Non-cash investing activities in the consolidated statements of cash flows:
Increase (decrease) in accrued capital expenditures	$ (13,065)	$ 7,996

Investment in Exaro Energy II34

Investment in Exaro Energy III LLC (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Apr. 30, 2012
Schedule of Equity Method Investments [Line Items]
Gain (loss) from investment in affiliates (net of income taxes)	$ (745)	$ 1,478	$ (187)	$ 3,100
Tax Expense (Benefit) associated with Equity Method Investment Income/ (loss)	(400)	$ 795	(100)	$ 1,669
Exaro Energy III LLC [Member]
Schedule of Equity Method Investments [Line Items]
Investment in affiliate					$ 46,900
Equity method investment, ownership percentage						37.00%
Current period investment in affiliate			0
Share of equity in investment	$ 60,900		$ 60,900
Exaro Energy III LLC [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Investment in affiliate						$ 67,500

Investment in Exaro Energy II35

Investment in Exaro Energy III LLC (Schedule Of Condensed Balance Sheet Data) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Non-current assets:
Net property and equipment	$ 710,486	$ 748,623
Other non-current assets	63,283	63,752
Exaro Energy III LLC [Member]
Equity Method Investment, Summarized Financial Information [Abstract]
Current assets	30,453	35,013
Non-current assets:
Net property and equipment	232,143	233,997
Restricted cash escrow account		577
Other non-current assets	623	1,779
Total non-current assets	232,766	236,353
Total assets	263,219	271,366
Current liabilities	6,273	9,405
Non-current liabilities:
Long-term debt	89,500	94,500
Other non-current liabilities	1,850	1,084
Total non-current liabilities	91,350	95,584
Member's equity	165,596	166,377
Total liabilities & member's equity	$ 263,219	$ 271,366

Investment in Exaro Energy II36

Investment in Exaro Energy III LLC (Schedule Of Condensed Income Statement Data) (Details) bbl in Thousands, Mcfe in Thousands, Mcf in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)McfeMcfbbl	Jun. 30, 2014USD ($)McfeMcfbbl	Jun. 30, 2015USD ($)McfeMcfbbl	Jun. 30, 2014USD ($)McfeMcfbbl
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Other loss	$ 995	$ (196)	$ 990	$ (196)
Less:
General & administrative expense	$ 7,351	$ 9,207	$ 15,179	$ 19,664
Exaro Energy III LLC [Member]
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Oil and Gas Production	45	3,314	87	6,453
Total Production (Mcfe) | Mcfe	3,634	3,565	7,214	6,949
Oil and natural gas sales	$ 10,572	$ 19,951	$ 23,850	$ 42,290
Other loss	(2,095)	(17)	(59)	(1,992)
Less:
Lease operating expenses	4,203	5,180	8,479	11,412
Depreciation, depletion, amortization & accretion	6,294	6,457	12,918	12,126
General & administrative expense	1,138	1,091	1,862	1,950
Income from continuing operations	(3,158)	7,206	532	14,810
Net interest expense	(679)	(1,048)	(1,554)	(1,966)
Net income (loss)	$ (3,837)	$ 6,158	$ (1,022)	$ 12,844

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Letters of credit amount outstanding	$ 1,900		$ 1,900			$ 1,900
Interest expense	$ 835	$ 737	$ 1,530	$ 1,405
Weighted average interest rate (as a percent)	2.04%		2.04%			1.96%
RBC Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, borrowing base	$ 225,000		$ 225,000		$ 275,000
Credit facility amount outstanding	111,400		111,400			$ 63,400
Line of credit, available	111,700		111,700
Revolving credit facility, maximum borrowing capacity	$ 500,000		$ 500,000
RBC Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.375%
RBC Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.50%

Income Taxes (Components Of Inc

Income Taxes (Components Of Income Tax Expense Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Current:
Federal				$ (524)
State	$ 315	$ 122	$ 522	713
Total	315	122	522	189
Deferred:
Federal	(10,451)	1,378	(20,623)	(6,426)
State	(250)	(493)	(534)	(475)
Total	(10,701)	885	(21,157)	(6,901)
Total:
Federal	(10,451)	1,378	(20,623)	(6,950)
State	65	(371)	(12)	238
Total	(10,386)	1,007	(20,635)	(6,712)
Included in gain (loss) from investment in affiliates	(400)	795	(100)	1,669
Income tax benefit (provision)	$ (9,986)	$ 212	$ (20,535)	$ (8,381)

Related Party Transactions (JEX

Related Party Transactions (JEX, Olympic Energy Partners, And REX) (Narrative) (Details) - Range [Domain] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Mar. 19, 2013
JEX [Member] | Contaro Advisory [Member]
Related Party Transaction, Oil and Gas Properties [Abstract]
Related party, monthly advisory fee		$ 10
Percentage fee of cash profits		1.00%
JEX Employees [Member]
Related Party Transaction, Oil and Gas Properties [Abstract]
Overriding royalty interest, employee benefit	3.33%
REX [Member]
Related Party Transaction, Oil and Gas Properties [Abstract]
Ownership interest in REX	32.30%
JEX [Member] | REX [Member]
Related Party Transaction, Oil and Gas Properties [Abstract]
Ownership interest in REX	34.40%
Third Party [Member] | REX [Member]
Related Party Transaction, Oil and Gas Properties [Abstract]
Ownership interest in REX	33.30%

Related Party Transactions (Sch

Related Party Transactions (Schedule Of Oil and Gas Ownership Interests) (Details)	Jun. 30, 2015
JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit	3.33%
Dutch Number 1 - 5 [Member] | Olympic [Member]
Related Party Transaction [Line Items]
Working interests	3.53%
Net revenue interest	2.84%
Dutch Number 1 - 5 [Member] | JEX [Member]
Related Party Transaction [Line Items]
Working interests	1.88%
Net revenue interest	1.51%
Dutch Number 1 - 5 [Member] | JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit	2.02%
Mary Rose Number 1 [Member] | Olympic [Member]
Related Party Transaction [Line Items]
Working interests	3.61%
Net revenue interest	2.70%
Mary Rose Number 1 [Member] | JEX [Member]
Related Party Transaction [Line Items]
Working interests	2.01%
Net revenue interest	1.51%
Mary Rose Number 1 [Member] | JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit	2.79%
Mary Rose Number 2-3 [Member] | Olympic [Member]
Related Party Transaction [Line Items]
Working interests	3.61%
Net revenue interest	2.58%
Mary Rose Number 2-3 [Member] | JEX [Member]
Related Party Transaction [Line Items]
Working interests	2.01%
Net revenue interest	1.44%
Mary Rose Number 2-3 [Member] | JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit	2.79%
Mary Rose Number 4 [Member] | Olympic [Member]
Related Party Transaction [Line Items]
Working interests	2.34%
Net revenue interest	1.70%
Mary Rose Number 4 [Member] | JEX [Member]
Related Party Transaction [Line Items]
Working interests	1.31%
Net revenue interest	0.95%
Mary Rose Number 4 [Member] | JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit	1.82%
Mary Rose Number 5 [Member] | Olympic [Member]
Related Party Transaction [Line Items]
Working interests	2.56%
Net revenue interest	1.87%
Mary Rose Number 5 [Member] | JEX [Member]
Related Party Transaction [Line Items]
Working interests	1.43%
Net revenue interest	1.04%
Mary Rose Number 5 [Member] | JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit	1.82%
Ship Shoal 263 [Member] | JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit	3.33%
Vermilion 170 [Member] | JEX [Member]
Related Party Transaction [Line Items]
Working interests	4.30%
Net revenue interest	3.35%
Vermilion 170 [Member] | REX [Member]
Related Party Transaction [Line Items]
Working interests	12.50%
Net revenue interest	9.74%
Vermilion 170 [Member] | JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit	3.33%

Related Party Transactions (Sum

Related Party Transactions (Summary Of Transactions) (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended					6 Months Ended
	Apr. 30, 2014	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2015	Jun. 30, 2014	Jul. 31, 2014
Related Party Transaction [Line Items]
Stock-based compensation							$ 2,578	$ 2,115
Mr. Romano [Member]
Related Party Transaction [Line Items]
Director Compensation for Related Party		$ 26		$ 26			53	52
Stock-based compensation expense		$ 35		18			62	36
Restricted stock granted in period (in shares)		4,534	2,612			1,622
Vesting percentage			100.00%			100.00%
Vesting period (in years)			1 year			1 year
Bonus payment									$ 4,000
Related party, general and administrative expense				$ 1,300				$ 2,600
Mr. Juneau [Member]
Related Party Transaction [Line Items]
Director Compensation for Related Party					$ 12
Stock-based compensation expense					$ 71
Restricted stock granted in period (in shares)						1,622
Vesting percentage						100.00%
Vesting period (in years)						1 year
Stock vested in period (in shares)	1,622
JEX [Member]
Related Party Transaction [Line Items]
Annual sublease rental income							$ 100
JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit		3.33%					3.33%
Maximum [Member] | Olympic [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit		3.33%					3.33%
Vermilion 170 [Member] | JEX [Member]
Related Party Transaction [Line Items]
Working interests		4.30%					4.30%
Net revenue interest		3.35%					3.35%
Vermilion 170 [Member] | REX [Member]
Related Party Transaction [Line Items]
Working interests		12.50%					12.50%
Net revenue interest		9.74%					9.74%
Vermilion 170 [Member] | JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit		3.33%					3.33%
Mary Rose Number 5 [Member] | JEX [Member]
Related Party Transaction [Line Items]
Working interests		1.43%					1.43%
Net revenue interest		1.04%					1.04%
Mary Rose Number 5 [Member] | Olympic [Member]
Related Party Transaction [Line Items]
Working interests		2.56%					2.56%
Net revenue interest		1.87%					1.87%
Mary Rose Number 5 [Member] | JEX Employees [Member]
Related Party Transaction [Line Items]
Overriding royalty interest, employee benefit		1.82%					1.82%

Related Party Transactions (Pay

Related Party Transactions (Payments Received From (Paid To) Related Parties In Ordinary Course of Business) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Olympic [Member]
Related Party Transaction [Line Items]
Revenue payments as well owners	$ (875)	$ (2,265)	$ (2,141)	$ (4,212)
Joint interest billing receipts	195	212	289	282
JEX [Member]
Related Party Transaction [Line Items]
Revenue payments as well owners	(571)	(1,501)	(1,359)	(2,812)
Joint interest billing receipts	172	132	227	157
REX [Member]
Related Party Transaction [Line Items]
Revenue payments as well owners	(242)	(672)	(495)	(1,346)
Joint interest billing receipts	$ 25	$ 111	$ 68	$ 156

Related Party Transactions (P43

Related Party Transactions (Payments Received From (Paid To) Related Parties In Specific Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Olympic [Member]
Related Party Transaction [Line Items]
Reimbursement of certain costs	$ (54)		$ (54)
JEX [Member]
Related Party Transaction [Line Items]
Reimbursement of certain costs	(29)		(29)
Annual sublease rental income		$ 100
Rent received from sublease	$ 43	$ 119	$ 66

Related Party Transactions (S44

Related Party Transactions (Schedule Of Related Party Balances) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable:
Joint interest billing	$ 4,919	$ 4,096
Olympic [Member]
Accounts receivable:
Joint interest billing	79	48
Accounts payable:
Royalties and revenue payable	(689)	(1,006)
JEX [Member]
Accounts receivable:
Joint interest billing	53	42
Accounts payable:
Royalties and revenue payable	(431)	(620)
REX [Member]
Accounts receivable:
Joint interest billing	85	12
Accounts payable:
Royalties and revenue payable	$ (145)	$ (175)

Related Party Transactions (Oak

Related Party Transactions (Oaktree, Contango ORE, And Equity Compensation) (Narrative) (Details) - Oaktree Capital Partners [Member] - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Related Party Transaction [Line Items]
Ownership Percentage in Company's Stock	6.60%				6.60%
Director Compensation for Related Party	$ 15		$ 13		$ 32	$ 32
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,534	2,612		1,622
Vesting period (in years)							1 year
Vesting percentage							100.00%
Stock-based compensation expense	$ 35		$ 18		$ 62	$ 36

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) $ in Millions	1 Months Ended			6 Months Ended
	Sep. 30, 2012USD ($)	Nov. 30, 2010USD ($)site	Jun. 30, 2009USD ($)site	Jun. 30, 2015USD ($)
Jefferson Davis Parish Case [Member]
Legal Proceedings
Number of wells involved in litigation | site			2
Damages sought by plaintiffs			$ 13.4
Lavaca County Case [Member]
Legal Proceedings
Number of wells involved in litigation | site		2
Damages sought by plaintiffs		$ 5.3
Litigation Case Filed by Mineral Interest Owner Harris County [Member]
Legal Proceedings
Damages sought by plaintiffs	$ 10.7
Weeks Marine Case [Member]
Legal Proceedings
Litigation Settlement Amount				$ 4.8
Dimmit County Texas Case [Member]
Legal Proceedings
Litigation Settlement Amount				2.5
Working Interest Partners Rewarded Settlement [Member] | Weeks Marine Case [Member]
Legal Proceedings
Litigation Settlement Amount				13.9
Working Interest Partners Rewarded Settlement [Member] | Dimmit County Texas Case [Member]
Legal Proceedings
Litigation Settlement Amount				$ 5