Contango Oil & Gas (MCF) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		19,586,187
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents
Accounts receivable, net	$ 13,200	$ 20,504
Prepaid expenses	856	1,228
Current derivative asset	2,696
Inventory	540	540
Total current assets	17,292	22,272
Natural gas and oil properties, successful efforts method of accounting:
Proved properties	1,194,095	1,187,707
Unproved properties	12,452	16,439
Other property and equipment	1,081	1,081
Accumulated depreciation, depletion and amortization	(842,854)	(826,022)
Total property, plant and equipment, net	364,774	379,205
OTHER NON-CURRENT ASSETS:
Investments in affiliates	14,262	14,222
Other	906	1,057
Total other non-current assets	15,168	15,279
TOTAL ASSETS	397,234	416,756
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	30,065	36,358
Current asset retirement obligations	4,444	4,603
Total current liabilities	34,509	40,961
NON-CURRENT LIABILITIES:
Long-term debt	112,182	115,446
Asset retirement obligations	22,830	22,506
Total non-current liabilities	135,012	137,952
Total liabilities	$ 169,521	$ 178,913
COMMITMENTS AND CONTINGENCIES (NOTE 11)
SHAREHOLDERS’ EQUITY:
Common stock, $0.04 par value, 50 million shares authorized, 24,677,584 shares issued and 19,393,001 shares outstanding at March 31, 2016, 24,636,936 shares issued and 19,381,146 shares outstanding at December 31, 2015	$ 975	$ 974
Additional paid-in capital	241,025	239,524
Treasury shares at cost (5,284,583 shares at March 31, 2016 and 5,255,790 shares at December 31, 2015)	(127,988)	(127,760)
Retained earnings	113,701	125,105
Total shareholders’ equity	227,713	237,843
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 397,234	$ 416,756

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	24,677,584	24,636,936
Common stock, shares outstanding	19,393,001	19,381,146
Treasury stock, shares	5,284,583	5,255,790

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES:
Oil and condensate sales	$ 5,247	$ 10,694
Natural gas sales	9,935	16,823
Natural gas liquids sales	2,400	3,130
Total revenues	17,582	30,647
EXPENSES:
Operating expenses	7,604	9,911
Exploration expenses	320	4,483
Impairment and abandonment of oil and gas properties	1,851	2,281
Depreciation, depletion and amortization	16,545	35,115
General and administrative expenses	5,902	7,828
Total expenses	32,222	59,618
OTHER INCOME (EXPENSE):
Gain (loss) from investment in affiliates (net of income taxes)	40	558
Interest expense	(878)	(695)
Gain (loss) on derivatives, net	4,204
Other income (expense)	(40)	(5)
Total other income	3,326	(142)
NET INCOME (LOSS) BEFORE INCOME TAXES	(11,314)	(29,113)
Income tax benefit (provision)	(90)	10,549
NET INCOME (LOSS)	$ (11,404)	$ (18,564)
Net income (loss) per Share (Basic)
Basic	$ (0.60)	$ (0.98)
Net income (loss) per share (Diluted) [Abstract]
Diluted	$ (0.60)	$ (0.98)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	19,079	18,939
Diluted (in shares)	19,079	18,939

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (11,404)	$ (18,564)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	16,545	35,115
Impairment of Oil and Gas Properties	1,872	2,305
Exploration expenses	(58)	3,216
Deferred income taxes		(10,455)
Gain (loss) from investment in affiliates	40	858
Stock-based compensation	1,699	1,140
Unrealized loss (gain) on derivative instruments	(2,696)
Changes in operating assets and liabilities:
Decrease in accounts receivable and other receivables	6,971	3,465
Decrease (increase) in prepaid expenses	372	(2,577)
Decrease in accounts payable and advances from joint owners	(5,458)	(16,791)
Increase (decrease) in other accrued liabilities	175	(2,030)
Decrease in income taxes receivable, net	368	200
Other	(18)	(1)
Net cash provided by operating activities	8,328	(5,835)
CASH FLOWS FROM INVESTING ACTIVITIES:
Natural gas and oil exploration and development expenditures	(4,836)	(35,262)
Net cash used in investing activities	(4,836)	(35,262)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facility	45,167	122,039
Repayments under credit facility	(48,431)	(80,935)
Purchase of treasury stock	(228)	(7)
Net cash provided by (used in) financing activities	$ (3,492)	$ 41,097
NET CHANGE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS, END OF PERIOD

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2015	$ 974	$ 239,524	$ (127,760)	$ 125,105	$ 237,843
Balance, shares at Dec. 31, 2015	19,381,146				19,381,146
Treasury shares at cost			(228)		$ (228)
Treasury shares at cost, shares	(28,793)
Restricted shares activity	$ 1	(1)
Restricted shares activity, shares	40,648
Stock-based compensation		1,502			1,502
Net loss				(11,404)	(11,404)
Balance at Mar. 31, 2016	$ 975	$ 241,025	$ (127,988)	$ 113,701	$ 227,713
Balance, shares at Mar. 31, 2016	19,393,001				19,393,001

Organization And Business

Organization And Business	3 Months Ended
	Mar. 31, 2016
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 in order to explore, develop, exploit, produce 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 March 31, 2016:  Location Formation  Gulf of Mexico Offshore Louisiana - water depths less than 300 feet Madison and Grimes counties, Texas Woodbine (Upper Lewisville) Zavala and Dimmit 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 associated with this investment is not included in the Company’s reported production results for the three months ended March 31, 2016. Additionally, the Company has (i) operated properties producing from various conventional formations in various counties along the Texas Gulf Coast; (ii) operated producing properties in the Denver Julesburg Basin (“DJ Basin”) in Weld and Adams counties in Colorado, which the Company believes may also be prospective in the Niobrara Shale oil play; and (iii) operated producing properties in the Haynesville Shale, Mid Bossier and James Lime formations in East Texas. Due to the current challenging commodity price environment, the Company intends to focus its 2016 capital program on: (i) the preservation of its healthy financial position, including limiting its overall capital expenditure budget to a minimal amount; (ii) focusing drilling expenditures, if any, on strategic projects; (iii) identification of opportunities for cost efficiencies in all areas of its operations; and (iv) continuing to identify new resource potential opportunities, internally and, where appropriate, through acquisition. The Company will continuously monitor the commodity price environment, stability and forecast, and, if warranted, make adjustments to its drilling strategy as the year progresses. The following table lists the primary area to which the Company has allocated drilling capital for 2016:   Location Formation  Weston County, Wyoming Muddy Sandstone In addition, we have allocated some geological and geophysical and leasehold capital to Madison and Grimes counties, Texas and Weston County, Wyoming.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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, 2015 (the “2015 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”). Please refer to the notes to the financial statements included in the 2015 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 2015 Form 10-K. The consolidated results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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. Republic Exploration LLC (“REX”), a partially-owned oil and gas exploration and development affiliate which is not controlled by the Company, was proportionately consolidated prior to its dissolution as of December 31, 2015. 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, reserves or production in those reported for the Company’s consolidated results. Impairment of Long-Lived Assets Pursuant to GAAP, when circumstances indicate that proved properties may be impaired, the Company compares expected undiscounted future cash flows on a field by field basis to the unamortized capitalized cost of the asset. If the estimated future undiscounted cash flows based on the Company’s estimate of future reserves, natural gas and oil prices, operating costs and production levels from oil and natural gas reserves, are lower than the unamortized capitalized cost, then the capitalized cost is reduced to fair value. The factors used to determine fair value include, but are not limited to, estimates of proved and probable reserves, future commodity prices, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and gas properties. Additionally, the Company may use appropriate market data to determine fair value. The Company recognized approximately $ 0.7 million for impairment of proved properties for the quarter ended March 31, 2016. Substantially all of the non-cash impairment charge in the quarter ended March 31, 2016 is directly related to the decline in commodity prices and the resulting impact on estimated future net cash flows from associated reserves. The Company recognized a $2.0 million impairment of small marginal proved properties for the quarter ended March 31, 2015. 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 $1.1 million for the quarter ended March 31, 2016, related to partial impairment of certain unproved properties due primarily to the sustained low commodity price environment and expiring leases; substantially all of which is related to unproved lease cost amortization of the Elm Hill project in Fayette and Gonzales counties Texas. The Company recognized impairment expense of approximately $0.2 million for the quarter ended March 31, 2015, related to partial impairment of certain unproved properties due to expiring leases. Net Loss Per Common Share Basic net loss per common share is computed by dividing the net loss attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net 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. Potential dilutive securities, including unexercised stock options and unvested restricted stock, have not been considered when their effect would be antidilutive. For the quarter ended March 31, 201 6, 116,461 stock options and 284,528 restricted shares were excluded from dilutive shares due to the loss for the period. For the quarter ended March 31, 2015, 129,852 stock options and 456,528 restricted shares were excluded from 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 the Company’s current subsidiaries and any 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 March 2016, the FASB issued Accounting Standards Update No. 2016-09: Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 is part of an initiative to reduce complexity in accounting standards. The areas of simplification in ASU 2016-09 involve several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years; early application is permitted. The Company will continue to assess the impact this may have on its financial position, results of operations, and cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02: Leases (Topic 842) (ASU 2016-02). The main objective of ASU 2016-02 is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. ASU 2016-02 requires lessees to recognize assets and liabilities arising from leases on the balance sheet. ASU 2016-02 further defines a lease as a contract that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (1) the right to obtain substantially all of the economic benefit from the use of the asset and (2) the right to direct the use of the asset. ASU 2016-02 requires disclosures by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. For public entities, ASU 2016-02 is effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; early application is permitted. The Company will continue to assess the impact this may have on its financial position, results of operations, and cash flows. In January 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2016-01: Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). The main objective of ASU 2016-01 is enhancing the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The amendments in ASU 2016-01 make targeted improvements to GAAP by: (i) requiring equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) be measured at fair value with changes in fair value recognized in net income; (ii) simplifying the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii) exempting all non-public business entities from disclosing fair value information for financial instruments measured at amortized cost; (iv) eliminating requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet: (v) requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (vi) requiring separate presentation in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument- specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vii) requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset; and (viii) clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For public entities, ASU 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years; 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. Further, management is closely monitoring the joint standard-setting efforts of the FASB and the International Accounting Standards Board. There are a large number of pending accounting standards that are being targeted for completion in 2016 and beyond. Because these pending standards have not yet been finalized, management is not able to determine the potential future impact that these standards will have, if any, on the Company's financial position, results of operations, or cash flows.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements [Abstract]
Fair Value Measurements	3. Fair Value Measurements Pursuant to Accounting Standards Codification 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 March 31, 2016. 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 March 31, 2016 (in thousands):     Total Fair Value Measurements Using  Carrying Value Level 1 Level 2 Level 3  Derivatives  Commodity price contracts - assets $ 2,696 $ — $ 2,696 $ —  Commodity price contracts - liabilities $ — $ — $ — $ — Derivatives listed above are recorded in “Current derivative asset” on the Company’s consolidated balance sheet and include swaps that are carried at fair value. The Company records the net change in the fair value of these positions in "Gain (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, 2015, there were no outstanding commodity price contracts. See Note 4 - "Derivative Instruments" for additional discussion of derivatives. As of March 31, 2016, 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 facility 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 reset at least every three months. See Note 8 - "Long-Term Debt" for further information. Impairments Contango tests proved oil and natural gas properties for impairment when events and circumstances indicate a decline in the recoverability of the carrying value of such properties, such as a downward revision of the reserve estimates or lower commodity prices. The Company estimates the undiscounted future cash flows expected in connection with the oil and gas properties on a field by field basis and compares such future cash flows to the unamortized capitalized costs of the properties. If the estimated future undiscounted cash flows are lower than the unamortized capitalized cost, the capitalized cost is reduced to its fair value. The factors used to determine fair value include, but are not limited to, estimates of proved and probable reserves, future commodity prices, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and gas properties. Additionally, the Company may use appropriate market data to determine fair value. Because these significant fair value inputs are typically not observable, impairments of long-lived assets are classified as a Level 3 fair value measure. Asset Retirement Obligations The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. The factors used to determine fair value include, but are not limited to, estimated future plugging and abandonment costs and expected lives of the related reserves.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, the Company’s natural gas derivative positions consisted of “swaps”. Swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for crude oil and natural gas. 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 "Gain (loss) on derivatives, net" on the consolidated statements of operations. The following swaps were in place at March 31, 2016 (fair value in thousands):       Commodity Period Derivative Volume/Month Price/Unit (1) Fair Value  Natural Gas Apr 2016 - Jul 2016 Swap 1,300,000 MMBtu $2.53 2,665  Natural Gas Aug 2016 - Oct 2016 Swap 250,000 MMBtu $2.53 212  Natural Gas Nov 2016 - Dec 2016 Swap 1,300,000 MMBtu $2.53 (181)  Total net fair value of derivative instruments $ 2,696  (1) Commodity price derivatives based on Henry Hub NYMEX natural gas prices .  The following summarizes the fair value of commodity derivatives outstanding on a gross and net basis as of March 31, 2016 (in thousands):    Gross Netting (1) Total  Assets $ 2,961 $ (265) $ 2,696  Liabilities $ (265) $ 265 $ —  (1) Represents counterparty netting under agreements governing such derivatives. As of December 31, 2015 , 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 quarter ended March 31, 2016 (in thousands):     Three Months Ended  March 31, 2016  Crude oil contracts $ —  Natural gas contracts 1,508  Realized gain (loss) $ 1,508   Crude oil contracts $ —  Natural gas contracts 2,696  Unrealized gain $ 2,696  Gain (loss) on derivatives, net $ 4,204  There were no gains or losses related to derivative instruments for the three months ended March 31, 2015. In April 2016, the Company entered into the following financial derivative contracts with a member of its bank group:     Commodity Period Derivative Volume/Month Put Price/Unit Call Price/Unit  Natural Gas Jan 2017 - Jul 2017 Collar 400,000 MMBtu $2.65 $3.00  Natural Gas Aug 2017 - Oct 2017 Collar 200,000 MMBtu $2.65 $3.00  Natural Gas Nov 2017 - Dec 2017 Collar 400,000 MMBtu $2.65 $3.00 A costless collar consists of a purchased put option and a sold call option, which establishes a minimum and maximum price, respectively, that the Company will receive for the volumes under the contract.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Stock-Based Compensation [Abstract]
Stock-Based Compensation	5. Stock-Based Compensation During the quarter ended March 31, 2016, the Company had a stock-based compensation program in effect 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"), which expired on February 25, 2015. Effective September 1, 2015, all employees and board members entered into a salary replacement program (the “Salary Replacement Program”) which is expected to continue through December 31, 2016. The Salary Replacement Program reduces all office employees’ base salary by 10% and all board of director retainer and committee chairman fees by 10% and replaces annually the portion of the salary/fees being reduced with common stock in a number of shares commensurate with the salary/fees reduction amount. 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 quarters ended March 31, 2016 and March 31, 2015, 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 quarters ended March 31, 2016 or 2015. During the quarter ended March 31, 2016, no stock options were exercised and no stock options were forfeited. During the quarter ended March 31, 2015, no stock options were exercised and stock options for 82 shares of common stock were forfeited. Restricted Stock During the quarter ended March 31, 2016, the Company granted 40,688 shares of restricted common stock under the 2009 Plan. Of these, 38,943 shares were granted to employees, which vested immediately , and 1,745 shares were granted to directors, which vested immediately ; all of which were granted pursuant to the Salary Replacement Program. The weighted average fair value of the restricted shares granted during the quarter ended March 31, 2016, was $6.40 with a total fair value of approximately $0.3 million after adjustment for an estimated weighted average forfeiture rate of 0.0% . During the quarter ended March 31, 2016, 40 restricted shares were forfeited by former employees. The aggregate intrinsic value of restricted shares forfeited during the quarter ended March 31, 2016 was approximately $1 thousand. Approximately 0.8 million shares remain available for grant under the 2009 Plan as of March 31, 2016. During the quarter ended March 31, 2015, the Company granted 241,121 shares of restricted common stock under the 2009 Plan to newly hired and promoted employees as part of their overall compensation package, which vest over four years. 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 quarter ended March 31, 2015, was $31.31 with a total fair value of approximately $7.8 million after adjustment for an estimated weighted average forfeiture rate of 5.2% . During the quarter ended March 31, 2015, 708 restricted shares were forfeited by former employees. The aggregate intrinsic value of restricted shares forfeited during the quarter ended March 31, 2015 was approximately $34 thousand. The Company recognized approximately $1.7 million and $1.1 million in stock compensation expense during the quarters ended March 31, 2016 and 2015, respectively, for restricted shares granted to its officers, employees and directors. As of March 31, 2016, an additional $6.0 million of compensation expense remained to be recognized over the remaining weighted-average vesting period of 2.1 years. Additionally, in April 2016, the Company granted 197,306 stock awards to employees under the 2009 Plan as part of their overall compensation package.

Other Financial Information

Other Financial Information	3 Months Ended
	Mar. 31, 2016
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 liabilities which are presented on the consolidated balance sheets (in thousands):     March 31, 2016 December 31, 2015  Accounts receivable:  Trade receivable $ 5,356 $ 7,530  Receivable for Alta Resources distribution 1,993 1,993  Joint interest billing 3,411 7,366  Income taxes receivable 2,516 2,868  Other receivables 606 1,448  Allowance for doubtful accounts (682) (701)  Total accounts receivable $ 13,200 $ 20,504   Prepaid expenses:  Prepaid insurance $ 570 $ 900  Other 286 328  Total prepaid expenses $ 856 $ 1,228   Accounts payable and accrued liabilities:  Royalties and revenue payable $ 15,418 $ 17,906  Accrued exploration and development 2,436 3,659  Trade payables 5,177 8,053  Advances from partners 442 950  Accrued general and administrative expenses 2,907 2,596  Other accounts payable and accrued liabilities 3,685 3,194  Total accounts payable and accrued liabilities $ 30,065 $ 36,358  Included in the table below is supplemental information about certain cash and non-cash transactions during the quarters ended March 31, 2016 and 2015 (in thousands):    Three Months Ended March 31,  2016 2015  Cash payments:  Interest payments 879 648  Income tax payments (351) 18  Non-cash investing activities in the consolidated statements of cash flows:  Decrease in accrued capital expenditures (1,222) (3,647) 

Investment In Exaro Energy III

Investment In Exaro Energy III LLC	3 Months Ended
	Mar. 31, 2016
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% . The Company did not make any contributions during the quarter ended March 31, 2016. As of March 31, 2016, the Company had invested approximately $46.9 million. The following table (in thousands) presents condensed balance sheet data for Exaro as of March 31, 2016 and December 31, 2015. The balance sheet data was derived from Exaro’s balance sheet as of March 31, 2016 and December 31, 2015 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 March 31, 2016 was approximately $14.2 million.    March 31, 2016 December 31, 2015  Current assets (1) $ 21,545 $ 23,664  Non-current assets:  Net property and equipment 98,736 101,459  Other non-current assets 1,158 486  Total non-current assets 99,894 101,945  Total assets $ 121,439 $ 125,609   Current liabilities $ 5,142 $ 5,272  Non-current liabilities:  Long-term debt 74,090 78,500  Other non-current liabilities 3,152 2,891  Total non-current liabilities 77,242 81,391  Members' equity 39,055 38,946  Total liabilities & members' equity $ 121,439 $ 125,609  (1) Approximately $14.8 million and $14.4 million of current assets as of March 31, 2016 and December 31, 2015, respectively, is cash. The following table (in thousands) presents the condensed results of operations for Exaro for the three months ended March 31, 2016 and 2015. The results of operations for the three months ended March 31, 2016 and 2015 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 March 31, 2016 and 2015 was a gain of $40 thousand , with an insignificant tax expense, and a gain of $0.6 million, net of tax expense of $0.3 million, respectively.     Three Months Ended March 31,  2016 2015  Production:  Oil (thousand barrels) 36 41  Gas (million cubic feet) 2,774 3,335  Total (million cubic feet equivalent) 2,991 3,583   Oil and natural gas sales $ 6,312 $ 13,278  Other gain 2,102 2,036  Less:  Lease operating expenses 3,557 4,276  Depreciation, depletion, amortization & accretion 3,006 6,624  General & administrative expense 808 724  Income from continuing operations 1,043 3,690  Net interest expense (693) (875)  Net income $ 350 $ 2,815 Included in Other gain 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	3 Months Ended
	Mar. 31, 2016
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 (the “bank group”) with an initial hydrocarbon supported borrowing base of $275 million. As part of the regular redetermination schedule, the Company’s bank group redetermined the Company’s borrowing base at $190 million effective November 13, 2015, primarily to reflect lower commodity prices and the impact of the significant reduction in the Company’s drilling program in 2015 attributable to the low price environment. The borrowing base under the facility is redetermined each November and May. As of March 31, 2016 and December 31, 2015, the Company had approximately $112.2 million and $115.4 million, respectively, outstanding under the RBC Credit Facility and $1.9 million and $1.9 million, respectively, in outstanding letters of credit. As of March 31, 2016, borrowing availability under the RBC Credit Facility was $75.9 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 0.5% to 2.5% 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 months ended March 31, 2016 was approximately $0.9 million. Total interest expense under the RBC Credit Facility, including commitment fees, for the three months ended March 31, 2015 was approximately $0.7 million. The RBC Credit Facility contains restrictive covenants which, among other things, restrict the declaration or payment of dividends by Contango and require a Current Ratio of greater than or equal to 1.0 and a Leverage Ratio of less than or equal to 3.50, both as defined in the RBC Credit Facility Agreement. As of March 31, 2016, the Company was in compliance with all covenants under the RBC Credit Facility, and at current commodity prices, does not expect any covenant compliance issues over the next twelve months. 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 March 31, 2016 and December 31, 2015 was 2.6% and 2.4% , respectively. The RBC Credit Facility matures on October 1, 2017, at which time any outstanding balances will be due. Effective May 6, 2016, as part of the regular redetermination schedule, the borrowing base under the RBC Credit Facility was redetermined at $140 million, which reflects the impact of a decline in commodity prices from those used in connection with the last redetermination and the Company’s limited drilling program. Also effective May 6, 2016, the RBC Credit Facility was amended to, among other things, extend the maturity of the facility from October 1, 2017 to October 1, 2019, increase the LIBOR, U.S. prime rate and federal funds rate margins to 2.5% - 4.0% and increase the commitment fee to 0.5% , regardless of the amount of the credit facility that is unused. The Company paid fees totaling approximately $1.0 million to its lenders in connection with the amendment.

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2016
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. In July 2010, several parties associated with a limited partnership formed to invest in oil and gas properties that was dissolved in 1995 filed suit against a subsidiary of the Company and several co-defendants in district court for Madison County in Texas. The plaintiffs claim to own or have rights in certain oil and gas properties situated in Madison County, Texas by virtue of the partnership having interests in addition to those it held of record at the time of its dissolution, which were distributed to the partners in connection with such dissolution. A predecessor of the subsidiary of the Company involved in this case acquired a portion of the interests now claimed by the plaintiffs from a successor to the general partner of the aforementioned partnership in 2000. The plaintiffs’ expert has recently provided a range of estimated monetary damages of up to approximately $9.4 million as to our Subsidiary. The Company is vigorously defending this lawsuit and believes that it has meritorious defenses. 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 trial court has entered judgment in favor of the Company’s subsidiary and the successors to the grantors under the aforementioned deeds. The plaintiff is appealing the trial court’s decision to the applicable state Court of Appeals. 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.  Mineral interest owners in South Louisiana filed suit against a subsidiary of the Company and several co-defendants in April 2013 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. This case is based on the same actions and allegations as a prior case in which the Company and its co-defendants prevailed . The plaintiffs claim damages of approximately $2.5 million against a subsidiary of the Company and its co-defendants. The Company and its co-defendants are vigorously defending this lawsuit and believe they have a meritorious position. 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
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 March 31,  2016 2015  Current tax provision:  Federal $ — $ —  State 90 207  Total $ 90 $ 207  Deferred tax benefit:  Federal $ — $ (10,172)  State — (284)  Total $ — $ (10,456)  Total tax provision (benefit):  Federal $ — $ (10,172)  State 90 (77)  Total $ 90 $ (10,249)  Included in gain from investment in affiliates $ — $ 300  Total income tax provision (benefit) $ 90 $ (10,549) In recording deferred income tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible. The Company believes that after considering all the available objective evidence, both positive and negative, historical and prospective, with greater weight given to historical evidence, management is not able to determine that it is more likely than not that the deferred tax assets will be realized and, therefore, established a full valuation allowance at September 30, 2015. For the quarter ended March 31, 2016, the Company continues to fully value the net deferred tax asset. The Company will continue to assess the valuation allowance against deferred tax assets considering all available information obtained in future reporting periods.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions Republic Exploration LLC Historically, REX, an entity owned 32.3% by Contango, participated with the Company in the drilling and development of certain prospects through participation agreements and joint operating agreements, which specified each participant’s working interest, net revenue interest and described when such interests were earned. The Company proportionately consolidated the results of REX in its consolidated financial statements prior to its dissolution as of December 31, 2015. Olympic Energy Partners In December 2012, Mr. Joseph J. Romano was elected President and Chief Executive Officer of the 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"). 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.  During the quarter ended March 31, 2016, Mr. Romano earned $14 thousand for his service as a director of the Company. During the quarter ended March 31, 2015, Mr. Romano earned $27 thousand for his service as a director of the Company. During the years ended December 31, 2015 and 2014, Mr. Romano received 4,534 and 2,612 shares of restricted stock, respectively, which both vest 100% on the one -year anniversary of the date of grant, as part of his board of director compensation. Additionally, in January 2016, Mr. Romano received 261 shares of restricted stock, which vested immediately, pursuant to the Salary Replacement Program. The Company recognized compensation expense of approximately $19 thousand and $27 thousand related to the shares granted to Mr. Romano for the three months ended March 31, 2016 and March 31, 2015, respectively.  Below is a summary of payments received from (paid to) Olympic 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 March 31,  2016 2015  Olympic JEX Olympic JEX  Revenue payments as well owners $ (648) $ (475) $ (1,266) $ (788)  Joint interest billing receipts 62 60 94 55 Below is a summary of payments received from Olympic and REX as a result of specific transactions between the Company, Olympic 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 March 31,  2016 2015  Olympic JEX Olympic JEX  Rent received for sublease — 22 — 119  As of March 31, 2016 and December 31, 2015, the Company's consolidated balance sheets reflected the following balances (in thousands):     March 31, 2016 December 31, 2015  Olympic JEX REX Olympic JEX REX  Accounts receivable:  Joint interest billing $ 26 $ 28 $ — $ 26 $ 25 $ 27   Accounts payable:  Royalties and revenue payable (372) (240) — (451) (279) (83)  Oaktree Capital Management L.P. As of March 31, 2016, 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, then a Managing Director and Portfolio Manager within Oaktree, was elected to the Company's board of directors. Mr. Ford is currently a Senior Advisor to Oaktree. As part of Mr. Ford's director compensation, all cash and equity awards payable to Mr. Ford are instead granted to an affiliate of Oaktree. During the years ended December 31, 2015 and 2014, an affiliate of Oaktree received 4,534 and 2,612 shares of restricted stock, respectively, which both vest 100% on the one -year anniversary of the date of the grant. Additionally, in January 2016, an affiliate of Oaktree received 313 shares of restricted stock, which vested immediately, pursuant to the Salary Replacement Program. During the three months ended March 31, 2016, the affiliate of Oaktree earned $17 thousand in cash as a result of Mr. Ford's board participation, and the Company recognized compensation expense of approximately $19 thousand related to the shares of restricted stock granted to an affiliate of Oaktree under the Director Compensation Plan. During the three months ended March 31, 2015, the affiliate of Oaktree earned $17 thousand in cash as a result of Mr. Ford's board participation, and the Company recognized compensation expense of approximately $27 thousand related to the shares of restricted stock granted to an affiliate of Oaktree under the Director Compensation Plan.

Summary Of Significant Accoun18

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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, 2015 (the “2015 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”). Please refer to the notes to the financial statements included in the 2015 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 2015 Form 10-K. The consolidated results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.
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. Republic Exploration LLC (“REX”), a partially-owned oil and gas exploration and development affiliate which is not controlled by the Company, was proportionately consolidated prior to its dissolution as of December 31, 2015. 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, reserves or production in those reported for the Company’s consolidated results.
Impairment Of Oil And Gas Properties	Impairment of Long-Lived Assets Pursuant to GAAP, when circumstances indicate that proved properties may be impaired, the Company compares expected undiscounted future cash flows on a field by field basis to the unamortized capitalized cost of the asset. If the estimated future undiscounted cash flows based on the Company’s estimate of future reserves, natural gas and oil prices, operating costs and production levels from oil and natural gas reserves, are lower than the unamortized capitalized cost, then the capitalized cost is reduced to fair value. The factors used to determine fair value include, but are not limited to, estimates of proved and probable reserves, future commodity prices, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and gas properties. Additionally, the Company may use appropriate market data to determine fair value. The Company recognized approximately $ 0.7 million for impairment of proved properties for the quarter ended March 31, 2016. Substantially all of the non-cash impairment charge in the quarter ended March 31, 2016 is directly related to the decline in commodity prices and the resulting impact on estimated future net cash flows from associated reserves. The Company recognized a $2.0 million impairment of small marginal proved properties for the quarter ended March 31, 2015. 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 $1.1 million for the quarter ended March 31, 2016, related to partial impairment of certain unproved properties due primarily to the sustained low commodity price environment and expiring leases; substantially all of which is related to unproved lease cost amortization of the Elm Hill project in Fayette and Gonzales counties Texas. The Company recognized impairment expense of approximately $0.2 million for the quarter ended March 31, 2015, related to partial impairment of certain unproved properties due to expiring leases.
Net Income (Loss) Per Common Share	Net Loss Per Common Share Basic net loss per common share is computed by dividing the net loss attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net 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. Potential dilutive securities, including unexercised stock options and unvested restricted stock, have not been considered when their effect would be antidilutive. For the quarter ended March 31, 201 6, 116,461 stock options and 284,528 restricted shares were excluded from dilutive shares due to the loss for the period. For the quarter ended March 31, 2015, 129,852 stock options and 456,528 restricted shares were excluded from 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 the Company’s current subsidiaries and any 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 March 2016, the FASB issued Accounting Standards Update No. 2016-09: Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 is part of an initiative to reduce complexity in accounting standards. The areas of simplification in ASU 2016-09 involve several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, ASU 2016-09 is effective for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years; early application is permitted. The Company will continue to assess the impact this may have on its financial position, results of operations, and cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02: Leases (Topic 842) (ASU 2016-02). The main objective of ASU 2016-02 is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. ASU 2016-02 requires lessees to recognize assets and liabilities arising from leases on the balance sheet. ASU 2016-02 further defines a lease as a contract that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (1) the right to obtain substantially all of the economic benefit from the use of the asset and (2) the right to direct the use of the asset. ASU 2016-02 requires disclosures by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. For public entities, ASU 2016-02 is effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; early application is permitted. The Company will continue to assess the impact this may have on its financial position, results of operations, and cash flows. In January 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2016-01: Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). The main objective of ASU 2016-01 is enhancing the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The amendments in ASU 2016-01 make targeted improvements to GAAP by: (i) requiring equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) be measured at fair value with changes in fair value recognized in net income; (ii) simplifying the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii) exempting all non-public business entities from disclosing fair value information for financial instruments measured at amortized cost; (iv) eliminating requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet: (v) requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (vi) requiring separate presentation in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument- specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vii) requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset; and (viii) clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For public entities, ASU 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years; 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 $ 2,696 $ — $ 2,696 $ —  Commodity price contracts - liabilities $ — $ — $ — $ — 

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule Of Derivative Contracts	    Commodity Period Derivative Volume/Month Price/Unit (1) Fair Value  Natural Gas Apr 2016 - Jul 2016 Swap 1,300,000 MMBtu $2.53 2,665  Natural Gas Aug 2016 - Oct 2016 Swap 250,000 MMBtu $2.53 212  Natural Gas Nov 2016 - Dec 2016 Swap 1,300,000 MMBtu $2.53 (181)  Total net fair value of derivative instruments $ 2,696  (1) Commodity price derivatives based on Henry Hub NYMEX natural gas prices .
Schedule Of Fair Value Of Commodity Derivatives	   Gross Netting (1) Total  Assets $ 2,961 $ (265) $ 2,696  Liabilities $ (265) $ 265 $ —  (1) Represents counterparty netting under agreements governing such derivatives.
Schedule Of Derivative Contracts On Operations	   Three Months Ended  March 31, 2016  Crude oil contracts $ —  Natural gas contracts 1,508  Realized gain (loss) $ 1,508   Crude oil contracts $ —  Natural gas contracts 2,696  Unrealized gain $ 2,696  Gain (loss) on derivatives, net $ 4,204 
Subsequent Derivative Contracts [Member]
Schedule Of Derivative Contracts	   Commodity Period Derivative Volume/Month Put Price/Unit Call Price/Unit  Natural Gas Jan 2017 - Jul 2017 Collar 400,000 MMBtu $2.65 $3.00  Natural Gas Aug 2017 - Oct 2017 Collar 200,000 MMBtu $2.65 $3.00  Natural Gas Nov 2017 - Dec 2017 Collar 400,000 MMBtu $2.65 $3.00 

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Other Financial Information [Abstract]
Schedule Of Additional Financial Details	   March 31, 2016 December 31, 2015  Accounts receivable:  Trade receivable $ 5,356 $ 7,530  Receivable for Alta Resources distribution 1,993 1,993  Joint interest billing 3,411 7,366  Income taxes receivable 2,516 2,868  Other receivables 606 1,448  Allowance for doubtful accounts (682) (701)  Total accounts receivable $ 13,200 $ 20,504   Prepaid expenses:  Prepaid insurance $ 570 $ 900  Other 286 328  Total prepaid expenses $ 856 $ 1,228   Accounts payable and accrued liabilities:  Royalties and revenue payable $ 15,418 $ 17,906  Accrued exploration and development 2,436 3,659  Trade payables 5,177 8,053  Advances from partners 442 950  Accrued general and administrative expenses 2,907 2,596  Other accounts payable and accrued liabilities 3,685 3,194  Total accounts payable and accrued liabilities $ 30,065 $ 36,358 
Schedule Of Supplemental Disclosures	   Three Months Ended March 31,  2016 2015  Cash payments:  Interest payments 879 648  Income tax payments (351) 18  Non-cash investing activities in the consolidated statements of cash flows:  Decrease in accrued capital expenditures (1,222) (3,647) 

Investment In Exaro Energy II22

Investment In Exaro Energy III LLC (Tables) - Exaro Energy III LLC [Member]	3 Months Ended
	Mar. 31, 2016
Schedule Of Condensed Balance Sheet Data	   March 31, 2016 December 31, 2015  Current assets (1) $ 21,545 $ 23,664  Non-current assets:  Net property and equipment 98,736 101,459  Other non-current assets 1,158 486  Total non-current assets 99,894 101,945  Total assets $ 121,439 $ 125,609   Current liabilities $ 5,142 $ 5,272  Non-current liabilities:  Long-term debt 74,090 78,500  Other non-current liabilities 3,152 2,891  Total non-current liabilities 77,242 81,391  Members' equity 39,055 38,946  Total liabilities & members' equity $ 121,439 $ 125,609 
Schedule Of Condensed Income Statement Data	   Three Months Ended March 31,  2016 2015  Production:  Oil (thousand barrels) 36 41  Gas (million cubic feet) 2,774 3,335  Total (million cubic feet equivalent) 2,991 3,583   Oil and natural gas sales $ 6,312 $ 13,278  Other gain 2,102 2,036  Less:  Lease operating expenses 3,557 4,276  Depreciation, depletion, amortization & accretion 3,006 6,624  General & administrative expense 808 724  Income from continuing operations 1,043 3,690  Net interest expense (693) (875)  Net income $ 350 $ 2,815 

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Taxes [Abstract]
Components Of Income Tax Expense (Benefit)	   Three Months Ended March 31,  2016 2015  Current tax provision:  Federal $ — $ —  State 90 207  Total $ 90 $ 207  Deferred tax benefit:  Federal $ — $ (10,172)  State — (284)  Total $ — $ (10,456)  Total tax provision (benefit):  Federal $ — $ (10,172)  State 90 (77)  Total $ 90 $ (10,249)  Included in gain from investment in affiliates $ — $ 300  Total income tax provision (benefit) $ 90 $ (10,549) 

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Schedule Of Payments Received From (Made To) Related Parties	   Three Months Ended March 31,  2016 2015  Olympic JEX Olympic JEX  Revenue payments as well owners $ (648) $ (475) $ (1,266) $ (788)  Joint interest billing receipts 62 60 94 55 Below is a summary of payments received from Olympic and REX as a result of specific transactions between the Company, Olympic 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 March 31,  2016 2015  Olympic JEX Olympic JEX  Rent received for sublease — 22 — 119  
Schedule Of Related Party Balances	   March 31, 2016 December 31, 2015  Olympic JEX REX Olympic JEX REX  Accounts receivable:  Joint interest billing $ 26 $ 28 $ — $ 26 $ 25 $ 27   Accounts payable:  Royalties and revenue payable (372) (240) — (451) (279) (83) 

Organization And Business (Deta

Organization And Business (Details) - ft	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2012
Gas and Oil Acreage [Line Items]
Equity method investment, ownership percentage	37.00%
Maximum [Member]
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) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)MMBTU / moshares	Mar. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)bbl	Dec. 31, 2014USD ($)	Apr. 30, 2012
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage	37.00%
Cash and cash equivalents
Allowance for doubtful accounts	$ 682		$ 701
Impairment of proved properties	700	$ 2,000
Impairment charges, unproved properties	1,100
Exploration expenses	$ 320	$ 4,483
Total Volume | bbl			0
Restricted assets, percent of net assets	25.00%
Gas Hedges - Aug 2016 - Oct 2016 [Member]
Significant Accounting Policies [Line Items]
Commodity Derivative Flow Rate | MMBTU / mo	250,000
Employee Stock Options [Member]
Significant Accounting Policies [Line Items]
Potentially dilutive shares | shares	116,461	129,852
Restricted Stock [Member]
Significant Accounting Policies [Line Items]
Potentially dilutive shares | shares	284,528	456,528
Unproved Properties With Expiring Leases [Member]
Significant Accounting Policies [Line Items]
Impairment charges, unproved properties		$ 200
Contango [Member]
Significant Accounting Policies [Line Items]
Commodity price contracts - assets	$ 2,696
Exaro Energy III LLC [Member]
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage					37.00%
Cash and cash equivalents	$ 14,800		$ 14,400

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)MMBTU / mo	Mar. 31, 2015USD ($)	Dec. 31, 2015bbl
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ 2,696
Total Volume | bbl			0
Impairment of proved properties	700	$ 2,000
Gas Hedges - Aug 2016 - Oct 2016 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ 212
Commodity Derivative Flow Rate | MMBTU / mo	250,000
Contango [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity price contracts - assets	$ 2,696
Commodity price contracts - liabilities
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity price contracts - liabilities
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity price contracts - assets	$ 2,696
Commodity price contracts - liabilities
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity price contracts - liabilities

Derivative Instruments (Schedul

Derivative Instruments (Schedule Of Derivative Contracts) (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2016MMBTU / mo$ / MMBTU	Mar. 31, 2016USD ($)MMBTU / mo$ / MMBTU	Dec. 31, 2015bbl
Derivative [Line Items]
Total Volume | bbl			0
Derivative Assets (Liabilities), at Fair Value, Net | $		$ 2,696
Contango [Member]
Derivative [Line Items]
Commodity price contracts - assets | $		$ 2,696
Gas Hedges - Nov 2016 - Dec 2016 [Member]
Derivative [Line Items]
Price/Unit		2.53
Commodity Derivative Flow Rate | MMBTU / mo		1,300,000
Derivative Assets (Liabilities), at Fair Value, Net | $		$ (181)
Gas Hedges - Apr 2016 - Jul 2016 [Member]
Derivative [Line Items]
Price/Unit		2.53
Commodity Derivative Flow Rate | MMBTU / mo		1,300,000
Derivative Assets (Liabilities), at Fair Value, Net | $		$ 2,665
Gas Hedges - Aug 2016 - Oct 2016 [Member]
Derivative [Line Items]
Price/Unit		2.53
Commodity Derivative Flow Rate | MMBTU / mo		250,000
Derivative Assets (Liabilities), at Fair Value, Net | $		$ 212
Gas Hedges - Jan 2017 - Jul 2017 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | MMBTU / mo	400,000
Put Price/Unit	2.65
Call Price/Unit	3
Gas Hedges - Aug 2017 - Oct 2017 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | MMBTU / mo	200,000
Put Price/Unit	2.65
Call Price/Unit	3
Gas Hedges - Nov 2017 - Dec 2017 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | MMBTU / mo	400,000
Put Price/Unit	2.65
Call Price/Unit	3

Derivative Instruments (Sched29

Derivative Instruments (Schedule Of Fair Value Of Commodity Derivatives) (Details) $ in Thousands	Mar. 31, 2016USD ($)
Commodity Derivatives [Member]
Commodity derivatives
Gross	$ 2,961
Netting	(265)
Total	2,696
Liabilities:
Gross	(265)
Netting	$ 265
Total
Contango [Member]
Commodity derivatives
Total	$ 2,696
Liabilities:
Total

Derivative Instruments (Sched30

Derivative Instruments (Schedule Of Derivative Contracts On Operations) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	$ 1,508
Unrealized gain (loss)	2,696
Gain (loss) on derivatives, net	4,204
Natural Gas Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	1,508
Unrealized gain (loss)	$ 2,696

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation		$ 1,699,000	$ 1,140,000
Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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)			82
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)		$ 6.40	$ 31.31
Value of issued stock after adjustment for estimated forfeiture rate		$ 300,000	$ 7,800,000
Weighted average forfeiture rate		0.00%	5.20%
Restricted stock forfeitures during the period (in shares)		40	708
Value of forfeitures during the period		$ 1,000	$ 34,000
Restricted stock expense		1,700,000	$ 1,100,000
Compensation expense not yet recognized		$ 6,000,000
Compensation expense, remaining weighted average vesting period		2 years 1 month 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		800,000
Restricted stock granted in period (in shares)		40,688
2009 Equity Compensation Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted in period (in shares)	197,306
2009 Equity Compensation Plan [Member] | Restricted Stock [Member] | New And Existing Employees [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)			241,121
2009 Plan Employees [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		0 years
Restricted stock granted in period (in shares)		38,943
2009 Plan Directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		0 years
Restricted stock granted in period (in shares)		1,745
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	Mar. 31, 2016	Dec. 31, 2015
Accounts Receivable:
Trade receivable	$ 5,356	$ 7,530
Receivable for Alta Resources distribution	1,993	1,993
Joint interest billing	3,411	7,366
Income taxes receivable	2,516	2,868
Other receivables	606	1,448
Allowance for doubtful accounts	(682)	(701)
Total Accounts Receivable	13,200	20,504
Prepaid Expenses and Other:
Prepaid insurance	570	900
Other	286	328
Total Prepaid Expenses and Other	856	1,228
Accounts Payable and Accrued Liabilities:
Royalties and revenue payable	15,418	17,906
Accrued exploration and development	2,436	3,659
Trade payable	5,177	8,053
Advances from partners	442	950
Accrued general and administrative expenses	2,907	2,596
Other accounts payable and accrued liabilities	3,685	3,194
Total Accounts Payable and Accrued Liabilities	$ 30,065	$ 36,358

Other Financial Information (33

Other Financial Information (Schedule Of Non-Cash Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash payments:
Interest payments	$ 879	$ 648
Income tax payments (receipts)	(351)	18
Non-cash investing activities in the consolidated statements of cash flows:
Increase (decrease) in accrued capital expenditures	$ (1,222)	$ (3,647)

Investment in Exaro Energy II34

Investment in Exaro Energy III LLC (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Apr. 30, 2012
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	37.00%
Gain (loss) from investment in affiliates (net of income taxes)	$ 40	$ 558
Tax Expense (Benefit) associated with Equity Method Investment Income/ (loss)		$ 300
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	$ 14,200
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	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Non-current assets:
Net property and equipment	$ 364,774	$ 379,205
Other non-current assets	$ 15,168	$ 15,279
Non-current liabilities:
Cash and cash equivalents
Exaro Energy III LLC [Member]
Equity Method Investment, Summarized Financial Information [Abstract]
Current assets	$ 21,545	$ 23,664
Non-current assets:
Net property and equipment	98,736	101,459
Other non-current assets	1,158	486
Total non-current assets	99,894	101,945
Total assets	121,439	125,609
Current liabilities	5,142	5,272
Non-current liabilities:
Long-term debt	74,090	78,500
Other non-current liabilities	3,152	2,891
Total non-current liabilities	77,242	81,391
Member's equity	39,055	38,946
Total liabilities & member's equity	121,439	125,609
Cash and cash equivalents	$ 14,800	$ 14,400

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
	Mar. 31, 2016Mcf	Mar. 31, 2016Mcfe	Mar. 31, 2016bbl	Mar. 31, 2016USD ($)	Mar. 31, 2015Mcf	Mar. 31, 2015Mcfe	Mar. 31, 2015bbl	Mar. 31, 2015USD ($)
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Other gain (loss)				$ (40)				$ (5)
Less:
Impairment and abandonment of oil and gas properties				1,872				2,305
General & administrative expense				5,902				7,828
Exaro Energy III LLC [Member]
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Oil and Gas Production	2,774		36		3,335		41
Total Production (Mcfe) | Mcfe		2,991				3,583
Oil and natural gas sales				6,312				13,278
Other gain (loss)				2,102				2,036
Less:
Lease operating expenses				3,557				4,276
Depreciation, depletion, amortization & accretion				3,006				6,624
General & administrative expense				808				724
Income (loss) from continuing operations				1,043				3,690
Net interest expense				(693)				(875)
Net income (loss)				$ 350				$ 2,815

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands	May. 06, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2013
Debt Instrument [Line Items]
Letters of credit amount outstanding		$ 1,900		$ 1,900
Interest expense		$ 878	$ 695
Weighted average interest rate (as a percent)		2.60%		2.40%
Minimum [Member]
Debt Instrument [Line Items]
Revolving credit facility, margin rate		0.50%
Maximum [Member]
Debt Instrument [Line Items]
Revolving credit facility, margin rate		2.50%
RBC Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, borrowing base		$ 190,000			$ 275,000
Credit facility amount outstanding		112,200		$ 115,400
Line of credit, available		75,900
Revolving credit facility, maximum borrowing capacity		$ 500,000
RBC Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Revolving credit facility, borrowing base	$ 140,000
Credit facility fees	$ 1,000
Commitment fee percentage	0.50%
RBC Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Commitment fee percentage		0.375%
RBC Credit Facility [Member] | Minimum [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Revolving credit facility, margin rate	2.50%
RBC Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Commitment fee percentage		0.50%
RBC Credit Facility [Member] | Maximum [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Revolving credit facility, margin rate	4.00%

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) $ in Millions	1 Months Ended
	Apr. 30, 2013USD ($)site	Sep. 30, 2012USD ($)	Nov. 30, 2010USD ($)site	Jul. 31, 2010USD ($)
Jefferson Davis Parish Case [Member]
Legal Proceedings
Number of wells involved in litigation | site	2
Damages sought by plaintiffs	$ 2.5
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
Madison County Case [Member]
Legal Proceedings
Damages sought by plaintiffs				$ 9.4

Income Taxes (Components Of Inc

Income Taxes (Components Of Income Tax Expense Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Current:
State	$ 90	$ 207
Total	90	207
Deferred:
Federal		(10,172)
State		(284)
Total		(10,456)
Total:
Federal		(10,172)
State	90	(77)
Total	90	(10,249)
Included in gain (loss) from investment in affiliates		300
Income tax provision (benefit)	$ 90	$ (10,549)

Related Party Transactions (JEX

Related Party Transactions (JEX, Olympic Energy Partners, And REX) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015
REX [Member]
Related Party Transaction, Oil and Gas Properties [Abstract]
Ownership interest in REX	32.30%

Related Party Transactions (Sum

Related Party Transactions (Summary Of Transactions) (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended		24 Months Ended
	Jan. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
Related Party Transaction [Line Items]
Stock-based compensation		$ 1,699	$ 1,140
Mr. Romano [Member]
Related Party Transaction [Line Items]
Director Compensation for Related Party		14	27
Stock-based compensation expense		$ 19	$ 27
Restricted stock granted in period (in shares)	261			4,534	2,612
Vesting percentage						100.00%
Vesting period (in years)						1 year

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
	Mar. 31, 2016	Mar. 31, 2015
Olympic [Member]
Related Party Transaction [Line Items]
Revenue payments as well owners	$ (648)	$ (1,266)
Joint interest billing receipts	62	94
JEX [Member]
Related Party Transaction [Line Items]
Revenue payments as well owners	(475)	(788)
Joint interest billing receipts	$ 60	$ 55

Related Party Transactions (P43

Related Party Transactions (Payments Received From (Paid To) Related Parties In Specific Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
JEX [Member]
Related Party Transaction [Line Items]
Rent received from sublease	$ 22	$ 119

Related Party Transactions (Sch

Related Party Transactions (Schedule Of Related Party Balances) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts receivable:
Joint interest billing	$ 3,411	$ 7,366
Olympic [Member]
Accounts receivable:
Joint interest billing	26	26
Accounts payable:
Royalties and revenue payable	(372)	(451)
JEX [Member]
Accounts receivable:
Joint interest billing	28	25
Accounts payable:
Royalties and revenue payable	$ (240)	(279)
REX [Member]
Accounts receivable:
Joint interest billing		27
Accounts payable:
Royalties and revenue payable		$ (83)

Related Party Transactions (Oak

Related Party Transactions (Oaktree, Contango ORE, And Equity Compensation) (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended		24 Months Ended
	Jan. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
Related Party Transaction [Line Items]
Ownership Percentage in Company's Stock		37.00%
Oaktree Capital Partners [Member]
Related Party Transaction [Line Items]
Ownership Percentage in Company's Stock		6.60%
Director Compensation for Related Party		$ 17	$ 17
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	313			4,534	2,612
Vesting period (in years)						1 year
Vesting percentage						100.00%
Stock-based compensation expense		$ 19	$ 27