Contango Oil & Gas (MCF) 10-Q 11 Aug 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-16317
Entity Registrant Name	CONTANGO OIL & GAS CO
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	95-4079863
Entity Address, Address Line One	111 E. 5th Street, Suite 300
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76102
City Area Code	817
Local Phone Number	529-0059
Title of 12(b) Security	Common Stock
Trading Symbol	MCF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		201,180,358
Entity Central Index Key	0001071993
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 2,177	$ 1,383
Accounts receivable, net	65,937	37,862
Prepaid expenses	6,142	3,360
Current derivative asset		2,996
Inventory	531	442
Deposits and other		763
Total current assets	74,787	46,806
Oil and natural gas properties, successful efforts method of accounting:
Proved properties	1,502,215	1,274,508
Unproved properties	20,857	16,201
Other property and equipment	1,912	1,669
Accumulated depreciation, depletion, amortization and impairment	(1,176,134)	(1,190,475)
Total property, plant and equipment, net	348,850	101,903
OTHER NON-CURRENT ASSETS:
Investments in affiliates	5,989	6,793
Long-term derivative asset		497
Right-of-use lease assets	7,385	5,448
Debt issuance costs	3,873	1,782
Deposits	1,813	7,038
Total other non-current assets	19,060	21,558
TOTAL ASSETS	442,697	170,267
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	132,527	83,970
Current derivative liability	41,176	1,317
Current asset retirement obligations	4,700	4,249
Total current liabilities	178,403	89,536
NON-CURRENT LIABILITIES:
Long-term debt	72,369	12,369
Long-term derivative liability	17,493	1,648
Asset retirement obligations	106,256	48,523
Lease liabilities	3,805	2,624
Total non-current liabilities	199,923	65,164
TOTAL LIABILITIES	378,326	154,700
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SHAREHOLDERS' EQUITY:
Common stock, $0.04 par value, 400,000,000 shares authorized, 201,438,451 shares issued and 201,182,259 shares outstanding at June 30, 2021, 173,830,390 shares issued and 173,737,816 shares outstanding at December 31, 2020	8,045	6,941
Additional paid-in capital	620,595	535,192
Treasury shares at cost (256,192 shares at June 30, 2021 and 92,574 shares at December 31, 2020)	(1,016)	(248)
Accumulated deficit	(563,253)	(526,318)
Total shareholders' equity	64,371	15,567
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 442,697	$ 170,267

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.04	$ 0.04
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	201,438,451	173,830,390
Common stock, shares outstanding	201,182,259	173,737,816
Treasury stock, shares	256,192	92,574

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES:
Revenues	$ 83,640	$ 17,842	$ 143,590	$ 52,416
EXPENSES:
Operating expenses	36,509	15,016	63,985	34,272
Exploration expenses	87	11,173	284	11,571
Depreciation, depletion and amortization	11,457	5,092	20,599	17,946
Impairment and abandonment of oil and natural gas properties	451		454	145,878
General and administrative expenses	13,483	7,836	24,842	15,487
Total expenses	61,987	39,117	110,164	225,154
OTHER INCOME (EXPENSE):
Gain (loss) from investment in affiliates (net of income taxes)	(804)	(173)	(804)	113
Gain from sale of assets	131	4,406	348	4,433
Interest expense	(1,361)	(2,151)	(2,558)	(3,365)
Gain (loss) on derivatives, net	(53,480)	(8,804)	(69,561)	37,895
Other income	1,035	332	2,569	1,136
Total other income (expense)	(54,479)	(6,390)	(70,006)	40,212
NET LOSS BEFORE INCOME TAXES	(32,826)	(27,665)	(36,580)	(132,526)
Income tax benefit (provision)	184	(369)	(355)	(763)
NET LOSS	$ (32,642)	$ (28,034)	$ (36,935)	$ (133,289)
NET LOSS PER SHARE:
Basic	$ (0.16)	$ (0.21)	$ (0.19)	$ (1.01)
Diluted	$ (0.16)	$ (0.21)	$ (0.19)	$ (1.01)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	198,722	131,449	195,714	131,394
Diluted	198,722	131,449	195,714	131,394
Oil and condensate sales
REVENUES:
Revenues	$ 56,209	$ 7,930	$ 93,202	$ 30,712
Natural gas sales
REVENUES:
Revenues	14,823	6,618	29,315	14,789
Natural gas liquids sales
REVENUES:
Revenues	12,279	$ 3,294	20,560	$ 6,915
Other operating revenues
REVENUES:
Revenues	$ 329		$ 513

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (36,935)	$ (133,289)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	20,599	17,946
Impairment and abandonment of oil and natural gas properties	27	145,878
Exploration expenditures - dry hole costs		10,878
Amortization of debt issuance costs	434	1,372
Gain on sale of assets	(348)	(4,433)
Loss (gain) from investment in affiliates	804	(113)
Stock-based compensation	4,889	616
Non-cash mark-to-market loss (gain) on derivative instruments	60,740	(21,192)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable & other receivables	(19,291)	13,614
Increase in prepaid expenses	(2,557)	(172)
Increase in inventory	(89)	(1,560)
Increase (decrease) in accounts payable & advances from joint owners	20,753	(17,132)
Increase (decrease) in other accrued liabilities	8,053	(4,636)
Decrease in income taxes receivable, net	268	281
Increase (decrease) in income taxes payable	(451)	119
Decrease in deposits and other	7,138	36
Net cash provided by operating activities	64,034	8,213
CASH FLOWS FROM INVESTING ACTIVITIES:
Oil and natural gas exploration and development expenditures	(5,598)	(19,719)
Acquisition of oil & natural gas properties	(117,555)
Sale of oil & gas properties	2,775	339
Additions to furniture & equipment		(77)
Net cash used in investing activities	(120,378)	(19,457)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Credit Agreement	158,300	55,000
Repayments under Credit Agreement	(98,300)	(48,600)
Paycheck Protection Program loan		3,369
Net proceeds from equity offerings	432	435
Purchase of treasury stock	(768)	(180)
Debt issuance costs	(2,526)
Net cash provided by financing activities	57,138	10,024
NET CHANGE IN CASH AND CASH EQUIVALENTS	794	(1,220)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,383	1,624
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 2,177	$ 404

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2019	$ 108	$ 5,148	$ 471,778	$ (18)	$ (360,976)	$ 116,040
Balance, shares at Dec. 31, 2019	2,700,000	128,977,816
Equity offering-common stock			(47)			(47)
Treasury shares at cost				(157)		(157)
Treasury shares at cost, shares		(49,474)
Restricted shares activity		$ 3	(3)
Restricted shares activity, shares		77,485
Stock-based compensation			350			350
Net loss					(105,255)	(105,255)
Balance at Mar. 31, 2020	$ 108	$ 5,151	472,078	(175)	(466,231)	10,931
Balance, shares at Mar. 31, 2020	2,700,000	129,005,827
Balance at Dec. 31, 2019	$ 108	$ 5,148	471,778	(18)	(360,976)	116,040
Balance, shares at Dec. 31, 2019	2,700,000	128,977,816
Net loss						(133,289)
Balance at Jun. 30, 2020		$ 5,271	472,814	(198)	(494,265)	(16,378)
Balance, shares at Jun. 30, 2020		131,996,757
Balance at Mar. 31, 2020	$ 108	$ 5,151	472,078	(175)	(466,231)	10,931
Balance, shares at Mar. 31, 2020	2,700,000	129,005,827
Equity offering-common stock		$ 6	477			483
Equity offering-common stock, shares		155,029
Conversion of preferred stock to common stock	$ (108)	$ 108
Conversion of preferred stock to common stock, shares	(2,700,000)	2,700,000
Treasury shares at cost				(23)		(23)
Treasury shares at cost, shares		(13,808)
Restricted shares activity		$ 6	(6)
Restricted shares activity, shares		149,709
Stock-based compensation			265			265
Net loss					(28,034)	(28,034)
Balance at Jun. 30, 2020		$ 5,271	472,814	(198)	(494,265)	(16,378)
Balance, shares at Jun. 30, 2020		131,996,757
Balance at Dec. 31, 2020		$ 6,941	535,192	(248)	(526,318)	$ 15,567
Balance, shares at Dec. 31, 2020		173,737,816				173,737,816
Equity offering-common stock		$ 5	448			$ 453
Equity offering-common stock, shares		117,000
Mid-Con acquisition		$ 1,015	78,514			79,529
Mid-Con acquisition (in shares)		25,409,164
Treasury shares at cost				(166)		(166)
Treasury shares at cost, shares		(33,587)
Restricted shares activity		$ 2	(2)
Restricted shares activity, shares		37,041
Stock-based compensation			1,797			1,797
Net loss					(4,293)	(4,293)
Balance at Mar. 31, 2021		$ 7,963	615,949	(414)	(530,611)	92,887
Balance, shares at Mar. 31, 2021		199,267,434
Balance at Dec. 31, 2020		$ 6,941	535,192	(248)	(526,318)	$ 15,567
Balance, shares at Dec. 31, 2020		173,737,816				173,737,816
Net loss						$ (36,935)
Balance at Jun. 30, 2021		$ 8,045	620,595	(1,016)	(563,253)	$ 64,371
Balance, shares at Jun. 30, 2021		201,182,259				201,182,259
Balance at Mar. 31, 2021		$ 7,963	615,949	(414)	(530,611)	$ 92,887
Balance, shares at Mar. 31, 2021		199,267,434
Equity offering-common stock		$ 2	(22)			(20)
Equity offering-common stock, shares		60,613
Mid-Con acquisition		$ 6	448			454
Mid-Con acquisition (in shares)		143,769
Stock issuance for prospect costs		$ 16	1,096			1,112
Stock issuance for prospect costs (in shares)		387,011
Treasury shares at cost				(602)		(602)
Treasury shares at cost, shares		(131,894)
Restricted shares activity		$ 58	(58)
Restricted shares activity, shares		1,455,326
Stock-based compensation			3,182			3,182
Net loss					(32,642)	(32,642)
Balance at Jun. 30, 2021		$ 8,045	$ 620,595	$ (1,016)	$ (563,253)	$ 64,371
Balance, shares at Jun. 30, 2021		201,182,259				201,182,259

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2021
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 Fort Worth, Texas based independent oil and natural gas company. The Company’s business is to maximize production and cash flow from its onshore properties primarily located in its Midcontinent, Permian, Rockies and other smaller onshore areas and its offshore properties in the shallow waters of the Gulf of Mexico and utilize that cash flow to explore, develop and acquire oil and natural gas properties across the United States. ​ The following table lists the Company’s primary producing regions as of June 30, 2021: ​ Region ​ Formation Midcontinent ​ Cleveland, Bartlesville, Mississippian, Woodford and others Permian ​ San Andres, Yeso, Bone Springs, Wolfcamp and others Rockies ​ Sussex, Shannon, Muddy, Phosphoria, Embar-Tensleep, Madison and others Other ​ Woodbine, Lewisville, Buda, Georgetown, Eagleford, Offshore Gulf of Mexico properties in water depths off of Louisiana in less than 300 feet and others ​ Impact of the COVID-19 Pandemic ​ ​ ● a company-wide effort to cut costs throughout the Company’s operations; ● potential acquisitions of PDP-heavy assets, with attractive, discounted valuations, in stressed/distressed scenarios or from non-natural owners like investment or lender firms that obtained ownership through a corporate restructuring; ● the identification of more cost-efficient drilling and completion strategies by the Company’s technical teams and the possible commencement of a conservative drilling/completion program on undeveloped opportunities in the Company’s portfolio should oil prices, and market stability, continue to improve and provide appropriate risk-weighted returns; and ● the extensive review of assets acquired in recent transactions for cost reduction opportunities, as well as opportunities to return to production wells that had been shut-in by the previous owners due to limited capital resources. ​ Corporate Overview and Capital Allocation ​ From the Company’s initial entry into the Southern Delaware Basin in 2016 and through early 2019, the Company was focused on the development of its Southern Delaware Basin acreage in Pecos County, Texas. In the first quarter of 2020, the Company suspended drilling in this area in response to the dramatic decline in oil prices and further suspended all drilling in the second quarter of 2020. Due to strengthening oil prices and the Company’s identification of more efficient methods of drilling and completing its Permian Basin wells, in the second quarter of 2021, the Company resumed its onshore drilling program in the Southern Delaware Basin. In May 2021, the Company began drilling the first of three single-pad wells originally planned in the Southern Delaware Basin in the Permian region. Based on recent success by offset operators to the Company’s position, the Company decided to drill one of the three wells in this first pad to the Second Bone Spring formation, which will be the first Company well being drilled to that formation. The Company expects to bring these wells online in the third quarter of 2021. Due to the success and efficiency in the drilling of these first three wells and the improved oil price market, the Company commenced spudding a second three-well pad in July 2021 as part of its 2021 Permian drilling program. During the six months ended June 30, 2021, the Company incurred capital drilling expenditures of approximately $5.2 million related to the Southern Delaware Basin wells. As of June 30, 2021, the Company was producing from eighteen wells over its approximate 16,200 gross operated (7,500 company net) acre position in its Permian region, prospective for the Wolfcamp A, Wolfcamp B and Second Bone Spring formations. During the first half of 2021, the Company also incurred approximately $6.4 million in expenditures for redevelopment activities primarily related to recently acquired properties in the Midcontinent, Permian and Rockies regions and $1.9 million in unproved offshore prospect costs, of which $1.1 million was paid for with the proceeds of an issuance of Company common stock, pursuant to a joint development agreement between the Company and Juneau Oil & Gas, LLC. ​ The Company currently forecasts its 2021 capital expenditure budget to be a total of $30.0 - $34.0 million for recompletions, facility upgrades, waterflood development and the select drilling in the West Texas Permian (expected 3 net locations, 6 gross locations), among other things. The planned capital expenditures also include development opportunities with respect to certain properties acquired by the Company as part of the Mid-Con Acquisition and the Silvertip Acquisition (both as defined below). The capital expenditure program will continue to be evaluated for revision throughout the year. The Company believes that its internally generated cash flow will be more than adequate to fund its 2021 capital expenditure budget and any increase to such 2021 capital expenditure budget, when and if such increase is deemed appropriate. The Company plans to retain the flexibility to be more aggressive in its drilling plans should results exceed expectations, commodity prices continue to improve or if the Company reduces drilling and completion costs in certain areas, thereby making an expansion of its drilling program an appropriate business decision. ​ The Company plans to continue to make balance sheet strength a priority in 2021, while continuing to pursue its strategy of asset consolidation by evaluating acquisition opportunities that may arise in this challenging commodity price environment. Any excess cash flow will likely be used to reduce borrowings outstanding under the Company’s Credit Agreement (as defined below). The Company intends to keenly focus on continuing to reduce lease operating costs on its legacy and recently acquired assets, reducing general and administrative expenses, improving cash margins and lowering its exposure to asset retirement obligations through the possible sale of non-core properties. ​ On January 21, 2021, the Company closed on the acquisition of Mid-Con Energy Partners, LP (“Mid-Con”), in an all-stock merger transaction in which Mid-Con became a direct, wholly owned subsidiary of Contango (the “Mid-Con Acquisition”). A total of 25,552,933 shares of Contango common stock were issued as consideration in the Mid-Con Acquisition. Effective upon the closing of the Mid-Con Acquisition, the Company’s borrowing base under its Credit Agreement increased from $75.0 million to $130.0 million, with an automatic $10.0 million reduction in the borrowing base on March 31, 2021. See Note 3 – “Acquisitions and Dispositions” and Note 10 – “Long-Term Debt” for further details. On February 1, 2021, the Company closed on the acquisition of certain oil and natural gas properties located in the Big Horn Basin in Wyoming and Montana, in the Powder River Basin in Wyoming and in the Permian Basin in West Texas and New Mexico (collectively the “Silvertip Acquisition”) for aggregate consideration of approximately $58.0 million. After customary closing adjustments, including the results of operations during the period between the effective date of August 1, 2020 and the closing date, the net consideration paid was approximately $53.2 million. See Note 3 – “Acquisitions and Dispositions” for more information. ​ On April 28, 2021, the Company adopted the Contango Oil & Gas Company Change in Control Severance Plan (the “Change in Control Plan”), which provides “double trigger” severance payments and benefits to all employees including the Company’s named executive officers. The policy provides an eligible participant with certain payments and benefits in the event that the participant experiences a qualifying termination event within the 12-month period following a change in control. In the event that an eligible executive’s employment is terminated without cause by the employer or for good reason by the executive within the 18-month period following the occurrence of a change in control, the Company’s Chief Executive Officer and the Company’s President would become entitled to receive 250%, and the Company’s Senior Vice President and Chief Financial Officer would become entitled to receive 200%, of the sum of the executive’s annual base salary and target annual cash bonus. In addition, the executive would receive (1) a prorated annual cash bonus for the year of termination based on actual performance; (2) Company-paid COBRA continuation coverage for up to 18 months following the date of termination; (3) reimbursement for up to $10,000 in outplacement services; and (4) any outstanding unvested PSU equity awards (defined below) held by the executive will remain outstanding and vest based on the greatest of (a) actual performance through the execution date of the definitive documentation governing the change in control, (b) actual performance through the date of the participant’s termination of employment, or (c) the target number of shares granted under such PSU award. The Change in Control Plan contains a modified cutback provision whereby payments payable to an executive may be reduced if doing so would put the executive in a more advantageous after-tax provision than if payments were not reduced and the executive became subject to excise taxes under Section 4999 of the Code. ​ On April 28, 2021, the Company adopted the Contango Oil & Gas Company Executive Severance Plan (the “Severance Plan”), which provides severance payments and benefits to its named executive officers outside the context of a change in control. The Severance Plan provides an eligible participant with payments and benefits in the event of involuntary termination without cause or other termination due to a good reason. In the event of such a qualifying termination under the Severance Plan, the participant would become entitled to receive in the case of the Company’s Chief Executive Officer and the Company’s President, 150%, and in the case of the Company’s Senior Vice President and Chief Financial Officer, 100%, of the sum of the participant’s annual base salary and target bonus. In addition, the participant would receive (1) a prorated annual cash bonus for the year of termination based on actual performance; (2) Company-paid COBRA continuation coverage for up to 18 months following the date of termination; (3) reimbursement for up to $10,000 in outplacement services; (4) all outstanding unvested time-based equity awards held by the executive will 100% accelerate and become exercisable or settle (as applicable); and (5) a pro-rated portion of any outstanding unvested PSU awards held by the executive will remain outstanding and vest based on actual performance over the applicable performance period. On May 3, 2021, the Company entered into the Fifth Amendment to the Credit Agreement (the “Fifth Amendment”) which provided for, among other things, an increase in the Company’s borrowing base from $120.0 million to $250.0 million, effective May 3, 2021, and expanded the bank group from nine to eleven banks. The Fifth Amendment also includes less restrictive hedge requirements and certain modifications to financial covenants ​ On June 7, 2021, the Company entered into a definitive agreement to combine with Independence Energy, LLC (“Independence”) in an all-stock transaction (the “Pending Independence Merger”). Independence is a diversified, well-capitalized upstream oil and gas business built and managed by KKR’s Energy Real Assets team with a scaled portfolio of low-decline, producing assets with meaningful reinvestment opportunities for low-risk growth across the Eagle Ford, Rockies, Permian and Mid-Continent regions. The closing of the Pending Independence Merger is conditioned upon approval by a majority of Contango’s shareholders, among certain other closing conditions. Upon completion of the Pending Independence Merger, Independence shareholders are expected to own approximately 76% and Contango shareholders are expected to own approximately 24% of the combined company. If approved, the Pending Independence Merger is expected to close in the fourth quarter of 2021. See Note 3 – “Acquisitions and Dispositions” for further details. ​ On July 7, 2021, the Company entered into a purchase and sale agreement with ConocoPhillips to acquire low decline, conventional gas assets in the Wind River Basin of Wyoming (the “Pending Wind River Basin Acquisition”). Upon closing, Contango will acquire approximately 446 Bcfe of PDP reserves (unaudited) for a total purchase price of $67.0 million in cash, subject to customary purchase price adjustments. Closing of the Pending Wind River Basin Acquisition is expected to occur in the third quarter of 2021, subject to the satisfaction of certain closing conditions set forth in the purchase and sale agreement. See Note 13 – “Subsequent Events” for further details. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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, 2020 (“2020 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”). Please refer to the notes to the financial statements included in the 2020 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 interim 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 2020 Form 10-K. These unaudited interim consolidated results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. ​ 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. The Company’s investment in Exaro Energy III LLC (“Exaro”), through its wholly owned subsidiary, Contaro Company, is accounted for using the equity method of accounting, and therefore, the Company does not include its share of individual operating results, production or reserves in those reported for the Company’s consolidated results of operations. ​ Certain amounts in prior-period financial statements have been reclassified to conform to the current period’s presentation. On the consolidated statements of operations, the Company’s working interest percentage share of the overhead billed to the 8/8s joint account for wells it operates has been reclassified from operating expenses to general and administrative expenses. Oil and Natural Gas Properties - Successful Efforts The Company’s application of the successful efforts method of accounting for its oil and natural gas exploration and production activities requires judgment as to whether particular wells are developmental or exploratory, since lease acquisition costs and all development costs are capitalized, whereas exploratory drilling costs are continuously capitalized until the results are determined. If proved reserves are not discovered, the drilling costs are expensed as exploration costs. Other exploration related costs, such as seismic costs and other geological and geophysical expenses, are expensed as incurred. The results from a drilling operation can take considerable time to analyze, and the determination that commercial reserves have been discovered requires both judgment and application of industry experience. Wells may be completed that are assumed to be productive, but then actually deliver oil and natural gas in quantities insufficient to be economic, which may result in the abandonment and/or impairment of the wells at a later date. On occasion, wells are drilled which have targeted geologic structures that are both developmental and exploratory in nature, and in such instances an allocation of costs is required to properly account for the results. Delineation seismic costs incurred to select development locations within a productive oil or natural gas field are typically treated as development costs and capitalized, but often these seismic programs extend beyond the proved reserve areas, and therefore, management must estimate the portion of seismic costs to expense as exploratory. The evaluation of oil and natural gas leasehold acquisition costs included in unproved properties for write-off or impairment requires management’s judgment on exploratory costs related to drilling activity in a given area. Drilling activities in an area by other companies may also effectively condemn leasehold positions. ​ 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 assets in that field. If the estimated future undiscounted cash flows, based on the Company’s estimate of future reserves, oil and natural gas 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 its fair value. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible 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 natural gas properties. Additionally, the Company may use appropriate market data to determine fair value. No impairment of proved properties was recorded during the six months ended June 30, 2021. ​ In the first quarter of 2020, the COVID-19 pandemic and the resulting deterioration in the global demand for oil, combined with the failure by the OPEC and Russia to reach an agreement on lower production quotas until April 2020, caused a dramatic increase in the supply of oil, a corresponding decrease in commodity prices, and reduced the demand for all commodity products. Consequently, during the six months ended June 30, 2020, the Company recorded a $143.3 million non-cash charge for proved property impairment of its onshore properties related to the dramatic decline in commodity prices, the impact of the lower prices on the “PV-10” (present value, discounted at a 10% rate) of its proved reserves, and the associated change in its then forecasted development plans for its proved, undeveloped locations. ​ Unproved properties are reviewed quarterly to determine if there has been impairment of the carrying value of those properties, with any such impairment charged to expense in the period. The Company recorded a $0.2 million non-cash charge for unproved impairment expense during the six months ended June 30, 2021 related to expiring leases in the Company’s Permian region. The Company recorded a $2.6 million non-cash charge for unproved impairment expense during the six months ended June 30, 2020 related to expiring leases in the Company’s Midcontinent region. ​ 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. Potentially dilutive securities, including unexercised stock options, performance stock units and unvested restricted stock, have not been considered when their effect would be antidilutive. The Company excluded 4,408 shares or units, and 76,209 shares or units of potentially dilutive securities during the three and six months ended June 30, 2021, respectively, as they were antidilutive. The Company excluded 506,325 shares or units, and 414,383 shares or units of potentially dilutive securities during the three and six months ended June 30, 2020, respectively, as they were antidilutive. ​ Subsidiary Guarantees ​ Contango Oil & Gas Company, as the parent company of its subsidiaries, filed a registration statement on Form S-3 on December 18, 2020 with the SEC to register, among other securities, debt securities that the Company may issue from time to time. Contango Resources, Inc., Contango Midstream Company, Contango Operators, Inc., Contaro Company, Contango Alta Investments, Inc. and any other of the Company’s future subsidiaries specified in any future prospectus supplement (each a “Subsidiary Guarantor”) are co-registrants with the Company under the registration statement, and the registration statement also registered guarantees of debt securities by such Subsidiary Guarantors. The Subsidiary Guarantors are wholly-owned by the Company, either directly or indirectly, and any guarantee by the Subsidiary Guarantors will be full and unconditional. The 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 Company. Finally, the 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 Company in the form of loans, advances or cash dividends by such subsidiary without the consent of a third party. ​ ​ Revenue Recognition ​ Sales of oil, condensate, natural gas and natural gas liquids (“NGLs”) are recognized at the time control of the products are transferred to the customer. Generally, the Company’s gas processing and purchase agreements indicate that the processors take control of the Company’s gas at the inlet of the plant, and that control of residue gas is returned to the Company at the outlet of the plant. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of NGLs. The Company delivers oil and condensate to the purchaser at a contractually agreed-upon delivery point at which the purchaser takes custody, title and risk of loss of the product. ​ ​ The Company records revenue in the month production is delivered to the purchaser. Settlement statements may not be received for 30 to 90 days after the date production is delivered, and therefore the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. Differences between the Company’s estimates and the actual amounts received for product sales are generally recorded in the following month that payment is received. Any differences between the Company’s revenue estimates and actual revenue received historically have not been significant. The Company has internal controls in place for its revenue estimation accrual process. The Company will continue to review all new or modified revenue contracts on a quarterly basis for proper treatment. ​ Leases ​ ​ Recent Accounting Pronouncements ​

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2021
Acquisitions and Dispositions
Acquisitions and Dispositions	3. Acquisitions and Dispositions ​ Wind River Basin Acquisition ​ On July 7, 2021, the Company entered into a purchase and sale agreement with ConocoPhillips to acquire low decline, conventional gas assets in the Wind River Basin of Wyoming. Upon closing, Contango will acquire approximately 446 Bcfe of PDP reserves (unaudited) for a total purchase price of $67.0 million in cash, subject to customary purchase price adjustments. Closing of the Pending Wind River Basin Acquisition is expected to occur in the third quarter of 2021, subject to the satisfaction of certain closing conditions set forth in the purchase and sale agreement. See Note 13 – “Subsequent Events” for further details. ​ Merger with Independence ​ On June 7, 2021, the Company entered into a definitive agreement to combine with Independence in an all-stock transaction. Independence is a diversified, well-capitalized upstream oil and gas business built and managed by KKR’s Energy Real Assets team with a scaled portfolio of low-decline, producing assets with meaningful reinvestment opportunities for low-risk growth across the Eagle Ford, Rockies, Permian and Mid-Continent regions. The closing of the Pending Independence Merger is conditioned upon approval by a majority of Contango’s shareholders, among certain other closing conditions. Upon completion of the Pending Independence Merger, Independence shareholders are expected to own approximately 76% and Contango shareholders are expected to own approximately 24% of the combined company. If approved, the Pending Independence Merger is expected to close in the fourth quarter of 2021. ​ Mid-Con Acquisition ​ On October 25, 2020, the Company entered into an Agreement and Plan of Merger with Mid-Con and Mid-Con Energy GP, LLC, the general partner of Mid-Con (“Mid-Con GP”), pursuant to which Mid-Con would merge with and into Michael Merger Sub LLC, a Delaware limited liability company and a wholly-owned, direct subsidiary of the Company. The Mid-Con Acquisition, which closed on January 21, 2021, was unanimously approved by the conflicts committee of the board of directors of Mid-Con, by the full board of directors of Mid-Con, by the disinterested directors of the board of directors of the Company and was subject to shareholder and unitholder approvals and other customary conditions to closing. At the effective time of the Mid-Con Acquisition (the “Effective Time”), each common unit representing limited partner interests in Mid-Con issued and outstanding immediately prior to the Effective Time (other than treasury units or units held by Mid-Con GP) was converted automatically into the right to receive 1.75 shares of the Company’s common stock. A total of 25,552,933 shares of Contango common stock were issued as consideration in the Mid-Con Acquisition. As of January 21, 2021, John C. Goff, Chairman of the Board of Directors of the Company, beneficially owned approximately 56.4% of the common units of Mid-Con, and Travis Goff, John C. Goff’s son and the President of Goff Capital, Inc., served on the board of directors of the general partner of Mid-Con. The Company’s senior management team is running the combined company, and Contango’s board of directors remains intact as the board of directors of the combined company. The combined company is headquartered in Fort Worth, Texas. ​ The Mid-Con Acquisition was accounted for as a business combination using the acquisition method of accounting under FASB ASC 805, Business Combinations (“ASC 805”). Therefore, the purchase price was allocated to the assets acquired and the liabilities assumed based on their estimated acquisition date fair values based on then currently available information. A combination of a discounted cash flow model and market data was used by the Company in determining the fair value of the oil and natural gas properties. Significant inputs into the calculation included future commodity prices, estimated volumes of oil and natural gas reserves, expectations for the timing and amount of future development and operating costs, future plugging and abandonment costs and a risk adjusted discount rate. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing of the Mid-Con Acquisition. ​ The following table sets forth the Company’s preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date (in thousands): ​ ​ ​ ​ ​ ​ Purchase Price Allocation Consideration: ​ ​ ​ Mid-Con outstanding units ​ ​ 14,602 Exchange ratio of Contango shares for Mid-Con common units ​ ​ 1.75 Contango common stock to be issued to Mid-Con unitholders ​ ​ 25,553 Issue price ​ $ 3.13 Stock consideration ​ ​ 79,979 Cash consideration in lieu of fractional shares ​ ​ 4 Payment of revolving credit facility ​ ​ 68,667 Total consideration ​ $ 148,650 ​ ​ ​ ​ Fair value of liabilities assumed: ​ ​ ​ Accounts payable ​ $ 8,892 Asset retirement obligations ​ ​ 28,252 Total fair value of liabilities assumed ​ $ 37,144 ​ ​ ​ ​ Fair value of assets acquired: ​ ​ ​ Cash and cash equivalents ​ $ 3,110 Accounts receivable ​ ​ 5,191 Current derivative asset ​ ​ 1,544 Prepaid expenses ​ ​ 225 Proved oil and natural gas properties ​ ​ 174,331 Other property and equipment ​ ​ 243 Other non-current assets ​ ​ 1,150 Total fair value of assets acquired ​ $ 185,794 ​ Silvertip Acquisition ​ On November 27, 2020, the Company entered into a purchase agreement (“the Purchase Agreement”) to acquire certain oil and natural gas properties located in the Big Horn Basin in Wyoming and Montana, in the Powder River Basin in Wyoming and in the Permian Basin in West Texas and New Mexico, for aggregate consideration of approximately $58.0 million in cash. In connection with the execution of the Purchase Agreement, the Company paid $7.0 million as a deposit for its obligations under the Purchase Agreement, which is included in the consolidated balance sheet as of December 31, 2020. The Silvertip Acquisition closed on February 1, 2021, and a balance of $46.2 million was paid upon closing, after customary closing adjustments, including the results of operations during the period between the effective date of August 1, 2020 and the closing date. ​ The Silvertip Acquisition was accounted for as an asset acquisition under ASC 805. Under the accounting for asset acquisitions, the Silvertip Acquisition was recorded using a cost accumulation and allocation model under which the cost of the acquisition was allocated on a relative fair value basis to the assets acquired and liabilities assumed. As an asset acquisition, acquisition-related transaction costs are capitalized as a component of the cost of the assets acquired. ​ A summary of the consideration paid and the preliminary relative fair value of the assets acquired and liabilities assumed, which is subject to change based upon the final settlement statement that is expected to be provided to Contango in the third quarter of 2021, is as follows (in thousands): ​ ​ ​ ​ ​ ​ Purchase Price Allocation Consideration: ​ ​ ​ Purchase price ​ $ 58,000 Closing adjustments ​ ​ (4,739) Total consideration ​ ​ 53,261 Acquisition transaction costs ​ ​ 109 Total cash paid ​ $ 53,370 ​ ​ ​ ​ Fair value of liabilities assumed: ​ ​ ​ Accounts payable ​ $ 423 Lease liabilities ​ ​ 1,014 Asset retirement obligations ​ ​ 32,367 Total relative fair value of liabilities assumed ​ $ 33,804 ​ ​ ​ ​ Fair value of assets acquired: ​ ​ ​ Proved oil and natural gas properties ​ $ 86,160 Right-of-use lease assets ​ ​ 1,014 Total relative fair value of assets acquired ​ $ 87,174 ​ Pro Forma Information ​ The following unaudited pro forma combined condensed financial data for the year ended December 31, 2020 was derived from the historical financial statements of the Company after giving effect to the Mid-Con Acquisition and the Silvertip Acquisition, as if they had occurred on January 1, 2020. The below information reflects pro forma adjustments based on available information and certain assumptions that the Company believes are reasonable, including the depletion of the fair-valued proved oil and natural gas properties acquired in the Mid-Con Acquisition and the Silvertip Acquisition. The pro forma results of operations do not include any cost savings or other synergies that may result from the acquisition or any estimated costs that have been or will be incurred by the Company to integrate the assets acquired. The pro forma consolidated statement of operations data has been included for comparative purposes only, is not necessarily indicative of the results that might have occurred had the acquisition taken place on January 1, 2020 and is not intended to be a projection of future results. ​ ​ ​ ​ ​ (In thousands except for per share amounts) Year Ended December 31, 2020 Revenues ​ $ 202,442 Net loss ​ $ (191,975) Basic loss per share ​ $ (0.97) Diluted loss per share ​ $ (0.97) ​ Dispositions ​ During the six months ended June 30, 2021, the Company sold certain non-core Powder River Basin producing properties in Wyoming, which were acquired in the first quarter of 2021 as part of the Silvertip Acquisition. The Company also sold certain non-core, legacy and recently acquired producing and non-producing properties located in its Midcontinent, Permian and Other regions. These properties were sold for a collective total of approximately $2.8 million in cash and the buyers’ assumption of approximately $4.6 million in plugging and abandonment liabilities, resulting in a net gain of $0.3 million recorded during the six months ended June 30, 2021. ​ During the six months ended June 30, 2020, the Company sold certain producing and non-producing properties located in its Midcontinent region. These properties were sold for approximately $0.5 million in cash and the buyers’ assumption of approximately $5.0 million in plugging and abandonment liabilities and revenue held in suspense. The Company recorded a gain of $4.4 million, primarily as a result of the buyers’ assumption of the asset retirement obligations associated with the sold properties. ​ ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements ​ 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. Fair value is 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). A fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 measurements are inputs that are observable for assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ​ The following table sets forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value as of June 30, 2021. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There have been no transfers between Level 1, Level 2 or Level 3. ​ Fair value information for financial assets and liabilities was as follows as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Fair Value Measurements Using ​ ​ Carrying Value Level 1 Level 2 Level 3 Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity price contracts - assets ​ $ — ​ $ — ​ $ — ​ $ — ​ Commodity price contracts - liabilities ​ $ (58,669) ​ $ — ​ $ (58,669) ​ $ — ​ ​ Derivatives listed above are recorded in “Current derivative asset or liability” and “Long-term derivative asset or liability” on the Company’s consolidated balance sheet and include swaps and costless collars 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 its 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 reporting its derivatives as Level 2. This observable data includes the forward curves for commodity prices based on quoted market prices and implied volatility factors related to changes in the forward curves. See Note 5 – “Derivative Instruments” for additional discussion of derivatives. ​ As of June 30, 2021, the Company’s derivative contracts were all with major institutions with investment grade credit ratings which are believed to have minimal credit risk, which primarily are lenders within the Company’s bank group. 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 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 Agreement approximates carrying value because the facility interest rate approximates current market rates and is reset at least every quarter. See Note 10 – “Long-Term Debt” for further information. ​ Impairments ​ The Company 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 natural 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, probable and possible 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 natural 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. ​ 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. ​ 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 natural 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. As there is no corroborating market activity to support the assumptions used, the Company has designated these liabilities as Level 3.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments [Abstract]
Derivative Instruments	5. 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 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 program in light of changes in production, market conditions, commodity price forecasts and requirements under its Credit Agreement. ​ As of June 30, 2021, the Company’s oil and natural gas derivative positions consisted of swaps and costless collars. Swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for oil and natural gas. 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. ​ 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 it exposed to potential margin calls, under any of these contracts, as they are secured under the Credit Agreement (as defined below) or under unsecured lines of credit with non-bank counterparties. See Note 10 – “Long-Term Debt” for further information regarding the Credit Agreement. ​ 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. ​ As of June 30, 2021, the Company’s oil derivative contracts include hedges for 1.2 MMBbls of remaining 2021 production with an average floor price of $56.61 per barrel and 1.9 MMBbls of 2022 production with an average floor price of $53.39 per barrel. As of June 30, 2021, and including the hedges entered into subsequent to the end of the second quarter (discussed below), the Company’s natural gas derivative contracts include 8.2 Bcf of remaining 2021 production with an average floor price of $2.94 per MMBtu and 16.3 Bcf of 2022 production with an average floor price of $2.78 per MMBtu. Approximately 95% of the Company’s hedges are swaps, and the Company has no three-way collars or short puts. ​ As of June 30, 2021, the following financial derivative instruments were in place (fair value in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Commodity Period Derivative Volume/Quarter Price/Unit Fair Value Oil ​ Q3 2021 ​ Swap ​ 579,941 ​ Bbls ​ $ 57.15 (1) ​ ​ (8,833) ​ Oil ​ Q4 2021 ​ Swap ​ 547,251 ​ Bbls ​ $ 57.06 (1) ​ ​ (7,039) ​ Oil ​ Q1 2022 ​ Swap ​ 585,000 ​ Bbls ​ $ 56.34 (1) ​ ​ (6,821) ​ Oil ​ Q2 2022 ​ Swap ​ 473,000 ​ Bbls ​ $ 52.92 (1) ​ ​ (6,377) ​ Oil ​ Q3 2022 ​ Swap ​ 417,000 ​ Bbls ​ $ 51.27 (1) ​ ​ (5,664) ​ Oil ​ Q4 2022 ​ Swap ​ 407,000 ​ Bbls ​ $ 51.86 (1) ​ ​ (4,776) ​ Oil ​ Q1 2023 ​ Swap ​ 380,000 ​ Bbls ​ $ 53.15 (1) ​ ​ (3,570) ​ Oil ​ Q2 2023 ​ Swap ​ 150,000 ​ Bbls ​ $ 58.43 (1) ​ ​ (564) ​ Oil ​ Q3 2021 ​ Collar ​ 60,941 ​ Bbls ​ $ 52.00 - 58.80 (1) ​ ​ (840) ​ Oil ​ Q4 2021 ​ Collar ​ 60,251 ​ Bbls ​ $ 52.00 - 58.80 (1) ​ ​ (727) ​ Natural Gas ​ Q3 2021 ​ Swap ​ 3,140,000 ​ MMBtus ​ $ 2.71 (2) ​ ​ (2,898) ​ Natural Gas ​ Q4 2021 ​ Swap ​ 3,000,000 ​ MMBtus ​ $ 2.63 (2) ​ ​ (3,134) ​ Natural Gas ​ Q1 2022 ​ Swap ​ 3,090,000 ​ MMBtus ​ $ 2.69 (2) ​ ​ (3,037) ​ Natural Gas ​ Q2 2022 ​ Swap ​ 2,425,000 ​ MMBtus ​ $ 2.51 (2) ​ ​ (1,061) ​ Natural Gas ​ Q3 2022 ​ Swap ​ 2,300,000 ​ MMBtus ​ $ 2.51 (2) ​ ​ (1,058) ​ Natural Gas ​ Q4 2022 ​ Swap ​ 2,250,000 ​ MMBtus ​ $ 2.65 (2) ​ ​ (945) ​ Natural Gas ​ Q1 2023 ​ Swap ​ 1,500,000 ​ MMBtus ​ $ 2.72 (2) ​ ​ (776) ​ Natural Gas ​ Q4 2021 ​ Collar ​ 400,000 ​ MMBtus ​ $ 3.00 - 3.41 (1) ​ ​ (175) ​ Natural Gas ​ Q1 2022 ​ Collar ​ 510,000 ​ MMBtus ​ $ 3.00 - 3.41 (2) ​ ​ (234) ​ Natural Gas ​ Q1 2023 ​ Collar ​ 550,000 ​ MMBtus ​ $ 2.63 - 3.01 (2) ​ ​ (140) ​ Total net fair value of derivative instruments (in thousands) ​ $ (58,669) ​ (1) Based on West Texas Intermediate oil prices. (2) Based on Henry Hub NYMEX natural gas prices. ​ Subsequent to the end of the second quarter of 2021, the Company entered into the following additional derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Commodity Period Derivative Volume/Quarter Price/Unit Natural Gas ​ Q3 2021 ​ Swap ​ 725,000 MMBtus ​ $ 3.71 (1) Natural Gas ​ Q4 2021 ​ Swap ​ 975,000 MMBtus ​ $ 3.71 (1) Natural Gas ​ Q1 2022 ​ Swap ​ 900,000 MMBtus ​ $ 3.10 (1) Natural Gas ​ Q2 2022 ​ Swap ​ 1,950,000 MMBtus ​ $ 3.10 (1) Natural Gas ​ Q3 2022 ​ Swap ​ 1,350,000 MMBtus ​ $ 3.10 (1) Natural Gas ​ Q4 2022 ​ Swap ​ 1,550,000 MMBtus ​ $ 3.10 (1) Natural Gas ​ Q1 2023 ​ Swap ​ 1,350,000 MMBtus ​ $ 2.73 (1) Natural Gas ​ Q2 2023 ​ Swap ​ 3,000,000 MMBtus ​ $ 2.73 (1) (1) 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 June 30, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Netting (1) Total Assets ​ $ — ​ $ — ​ $ — ​ Liabilities ​ $ (58,669) ​ $ — ​ $ (58,669) ​ (1) Represents counterparty netting under agreements governing such derivatives. ​ The following summarizes the fair value of commodity derivatives outstanding on a gross and net basis as of December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Netting (1) Total ​ Assets ​ $ 3,493 ​ $ — ​ $ 3,493 ​ Liabilities ​ $ (2,965) ​ $ — ​ $ (2,965) ​ (1) Represents counterparty netting under agreements governing such derivatives. ​ The following table summarizes the effect of derivative contracts on the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 Oil contracts ​ $ (5,792) ​ $ 8,461 ​ $ (7,674) ​ $ 11,258 ​ Natural gas contracts ​ ​ (588) ​ ​ 2,933 ​ ​ (1,147) ​ ​ 5,445 ​ Realized gain (loss) ​ $ (6,380) ​ $ 11,394 ​ $ (8,821) ​ $ 16,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil contracts ​ $ (35,139) ​ $ (16,557) ​ $ (48,925) ​ $ 24,170 ​ Natural gas contracts ​ ​ (11,961) ​ ​ (3,641) ​ ​ (11,815) ​ ​ (2,978) ​ Non-cash mark-to-market gain (loss) ​ $ (47,100) ​ $ (20,198) ​ $ (60,740) ​ $ 21,192 ​ Gain (loss) on derivatives, net ​ $ (53,480) ​ $ (8,804) ​ $ (69,561) ​ $ 37,895 ​ ​

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2021
Stock-Based Compensation [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation ​ 2009 Incentive Compensation Plan The Company has in place the Contango Oil & Gas Company Third Amended and Restated 2009 Incentive Compensation Plan (the “2009 Plan”) which allows for stock options, restricted stock or performance stock units to be awarded to executive officers, directors and employees as a performance-based award. ​ On July 14, 2021, the Company’s board of directors, subject to stockholder approval, approved an amendment to the 2009 Plan that will (i) increase the number of shares of the Company’s common stock authorized for issuance pursuant to the 2009 Plan by 11,500,000 from 12,500,000 shares to 24,000,000 shares, plus effective immediately following the closing of the Pending Independence Merger and the assumption of the 2009 Plan by New PubCo (as defined below), a number of shares equal to 2% of the outstanding shares of New PubCo Class A Common Stock (as defined below) measured as of immediately following the closing of the Pending Independence Merger and (ii) adjust the eligibility provision such that individuals who are employed by KKR Energy Assets Manager LLC or one of its partners as of the closing of the Pending Independence Merger will not be eligible to participate in the 2009 Plan unless such individual is providing services as a non-employee director to New PubCo. ​ Restricted Stock ​ During the six months ended June 30, 2021, the Company issued 54,825 restricted stock awards to the members of the board of directors, in lieu of cash fees earned during the fourth quarter of 2020 and first quarter of 2021, which vested immediately. During the six months ended June 30, 2021, the Company granted 1,415,189 shares of restricted common stock to employees, which vest ratably over three years, under the 2009 Plan, as part of their overall compensation package. The Company also granted 80,142 shares of restricted common stock related to internal reorganizational changes. The weighted average fair value of the restricted shares granted during the six months ended June 30, 2021, was $3.72 per share, with a total fair value of approximately $5.8 million and no adjustment for an estimated weighted average forfeiture rate. There were 57,789 forfeitures of restricted stock during the six months ended June 30, 2021. The aggregate intrinsic value of restricted shares forfeited during the six months ended June 30, 2021 was approximately $0.2 million. The Company recognized approximately $1.2 million in restricted stock compensation expense during the six months ended June 30, 2021, related to restricted stock previously granted to its officers, employees and directors. As of June 30, 2021, an additional $6.3 million of future restricted stock compensation expense remained to be recognized over the weighted- average vesting period of 2.6 years. Approximately 3.0 million shares remained available for grant under the 2009 Plan as of June 30, 2021, assuming PSUs (as defined below) are settled at 100% of target. ​ During the six months ended June 30, 2020, the Company granted 152,248 shares of restricted common stock, which vest over one year, to directors pursuant to the Company’s Director Compensation Plan. The weighted average fair value of the restricted shares granted during the six months ended June 30, 2020, was $2.42 per share, with a total fair value of approximately $0.4 million and no adjustment for an estimated weighted average forfeiture rate. There were 2,539 forfeitures of restricted stock during the six months ended June 30, 2020. The aggregate intrinsic value of restricted shares forfeited during the six months ended June 30, 2020 was approximately $10 thousand. The Company recognized approximately $0.4 million in restricted stock compensation expense during the six months ended June 30, 2020, related to restricted stock previously granted to its officers, employees and directors. ​ Per the agreement for the Pending Independence Merger, all unvested restricted stock awards held by Contango employees, executives and directors will vest on the closing date of the Pending Independence Merger. As of June 30, 2021, the number of shares of unvested restricted stock outstanding was 2,050,357 shares. ​ Performance Stock Units ​ Performance stock units (“PSUs”) represent the opportunity to receive shares of the Company’s common stock at the time of settlement. The number of shares to be awarded upon settlement of the PSUs may range from 0% to 300% of the targeted number of PSUs stated in the award agreements, contingent upon the achievement of certain share price appreciation targets compared to share appreciation of a specific peer group or peer group index over a three-year period. The PSUs vest at the end of the three-year performance period, with the final number of shares to be issued determined at that time, based on the Company’s share performance during the period compared to the average performance of the peer group. ​ Compensation expense associated with PSUs is based on the grant date fair value of a single PSU as determined using the Monte Carlo simulation model, which utilizes a stochastic process to create a range of potential future outcomes given a variety of inputs. As it is intended that the PSUs will be settled with shares of the Company’s common stock after three years, the PSU awards are accounted for as equity awards, and the fair value is calculated on the grant date. The simulation model calculates the payout percentage based on the stock price performance over the performance period. The concluded fair value is based on the average achievement percentage over all the iterations. The resulting fair value expense is amortized over the life of the PSU award. ​ The Company granted 1,772,066 PSUs under the 2009 Plan to its executive officers and certain employees as part of their overall compensation package during the six months ended June 30, 2021. The performance period will be measured between May 1, 2021 and April 30, 2024. These PSU awards were valued at a weighted average fair value of $8.25 per unit. There were 16,334 forfeitures of PSUs during the six months ended June 30, 2021. The Company recognized approximately $3.3 million in stock compensation expense related to previously granted PSUs during the six months ended June 30, 2021. As of June 30, 2021, an additional $22.9 million of future compensation expense related to PSUs remained to be recognized over the weighted-average vesting period of 2.4 years. ​ There were no grants or forfeitures ​ Per the agreement for the Pending Independence Merger, all unvested PSUs held by Contango employees and executives will vest on the closing date of the Pending Independence Merger, at the maximum payout percentage (for then current employees assuming sufficient shares then available under the 2009 Plan to settle such awards). As of June 30, 2021, the number of unvested PSU grants was 4,718,977, assuming settlement at 100%. The maximum payout of these PSUs is 300%, or 14,156,931 shares of common stock. ​ Stock Options ​ Under the fair value method of accounting for stock options, cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as financing cash flows. For the six months ended June 30, 2021 and 2020, there was no excess tax benefit recognized. ​ Compensation expense related to stock option grants is 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 or exercised during the six months ended June 30, 2021 or 2020. ​ During the six months ended June 30, 2021, no stock options were forfeited by former employees, and 19,268 stock options expired. During the six months ended June 30, 2020, no stock options were forfeited by former employees, and 411 stock options expired. As of June 30, 2021, there were 579 stock options vested and exercisable. The exercise price for such options ranges from $35.00 to $38.98 per share, with an average remaining contractual life of 0.8 years. All outstanding stock options were granted under the Company’s 2005 Stock Incentive Plan. ​ Per the agreement for the Pending Independence Merger, all stock options held by Contango employees and executives will vest and be deemed exercised on the closing date of the Pending Independence Merger; however, stock options with an exercise price per share that equals or exceeds the fair market value of a share of common stock will be cancelled for no consideration on the closing date of the Pending Independence Merger. ​

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases
Leases	7 . Leases ​ During the six months ended June 30, 2021, the Company acquired several contracts in the Mid-Con Acquisition and the Silvertip Acquisition related to compressors, vehicle leases and office space with terms of twelve months or more, which qualify as operating or finance leases. The Company also entered into a new contract for its headquarters office in Fort Worth, Texas. As of June 30, 2021, the Company’s operating leases included compressors and office space, and the Company’s finance leases included vehicles, compressors and office equipment. ​ The Company also has compressor contracts which are on a month-to-month basis, and while it is probable the contracts will be renewed on a monthly basis, the compressors can be easily substituted or cancelled by either party, with minimal penalties. Leases with these terms are not included on the Company’s balance sheet and are recognized on the consolidated statements of operations on a straight-line basis over the lease term. ​ The following table summarizes the balance sheet information related to the Company’s leases as of June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 ​ Operating lease right of use asset (1) $ 3,206 ​ $ 2,452 ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liability - current (2) $ (2,255) ​ $ (1,832) ​ Operating lease liability - long-term (3) ​ (911) ​ ​ (522) ​ Total operating lease liability $ (3,166) ​ $ (2,354) ​ ​ ​ ​ ​ ​ ​ ​ Financing lease right of use asset (1) $ 4,179 ​ $ 2,996 ​ ​ ​ ​ ​ ​ ​ ​ Financing lease liability - current (2) $ (1,364) ​ $ (940) ​ Financing lease liability - long-term (3) ​ (2,894) ​ ​ (2,102) ​ Total financing lease liability $ (4,258) ​ $ (3,042) ​ (1) Included in “Right-of-use lease assets” on the consolidated balance sheet. (2) Included in “Accounts payable and accrued liabilities” on the consolidated balance sheet. (3) Included in “Lease liabilities” on the consolidated balance sheet. ​ The Company’s leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating and financing lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. ​ The table below presents the weighted average remaining lease terms and weighted average discount rates for the Company’s leases as of June 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ December 31, 2020 ​ Weighted Average Remaining Lease Terms (in years): ​ ​ ​ ​ ​ ​ Operating leases ​ 1.57 ​ ​ 1.47 ​ Financing leases ​ 3.13 ​ ​ 3.24 ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Discount Rate: ​ ​ ​ ​ ​ ​ Operating leases ​ 6.02% ​ ​ 5.72% ​ Financing leases ​ 5.85% ​ ​ 5.92% ​ ​ Maturities for the Company’s lease liabilities on the consolidated balance sheet as of June 30, 2021, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Operating Leases ​ ​ Financing Leases ​ 2021 (remaining after June 30, 2021) $ 2,377 ​ ​ $ 1,576 ​ 2022 ​ 710 ​ ​ ​ 1,465 ​ 2023 ​ 173 ​ ​ ​ 1,112 ​ 2024 ​ 69 ​ ​ ​ 522 ​ 2025 ​ — ​ ​ ​ 2 ​ Total future minimum lease payments ​ 3,329 ​ ​ ​ 4,677 ​ Less: imputed interest ​ (163) ​ ​ ​ (419) ​ Present value of lease liabilities $ 3,166 ​ ​ $ 4,258 ​ ​ The following table summarizes expenses related to the Company’s leases for the three months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ ​ Three Months Ended June 30, 2020 ​ Operating lease cost (1) (2) $ 1,043 ​ ​ $ 743 ​ Financing lease cost - amortization of right-of-use assets ​ 331 ​ ​ ​ 155 ​ Financing lease cost - interest on lease liabilities ​ 61 ​ ​ ​ 27 ​ Administrative lease cost (3) ​ 17 ​ ​ ​ 19 ​ Short-term lease cost (1) (4) ​ 367 ​ ​ ​ 615 ​ Total lease cost $ 1,819 ​ ​ $ 1,559 ​ (1) This total does not reflect amounts that may be reimbursed by other third parties in the normal course of business, such as non-operating working interest owners. (2) Costs related to office leases and compressors with lease terms of twelve months or more. (3) Costs related primarily to office equipment and IT solutions with lease terms of more than one month and less than one year. (4) Costs related primarily to generators and compressor agreements with lease terms of more than one month and less than one year. The following table summarizes expenses related to the Company’s leases for the six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ ​ Six Months Ended June 30, 2020 ​ Operating lease cost (1) (2) $ 1,900 ​ ​ $ 1,430 ​ Financing lease cost - amortization of right-of-use assets ​ 603 ​ ​ ​ 284 ​ Financing lease cost - interest on lease liabilities ​ 114 ​ ​ ​ 52 ​ Administrative lease cost (3) ​ 36 ​ ​ ​ 38 ​ Short-term lease cost (1) (4) ​ 791 ​ ​ ​ 1,053 ​ Total lease cost $ 3,444 ​ ​ $ 2,857 ​ (1) This total does not reflect amounts that may be reimbursed by other third parties in the normal course of business, such as non-operating working interest owners. (2) Costs related to office leases and compressors with lease terms of twelve months or more. (3) Costs related primarily to office equipment and IT solutions with lease terms of more than one month and less than one year. (4) Costs related primarily to generators and compressor agreements with lease terms of more than one month and less than one year. During the six months ended June 30, 2021, there were $2.0 million and $0.7 million in cash payments related to the Company’s operating leases and financing leases, respectively. During the six months ended June 30, 2020, there were $1.5 million and $0.3 million in cash payments related to the Company’s operating leases and financing leases, respectively.

Other Financial Information

Other Financial Information	6 Months Ended
	Jun. 30, 2021
Other Financial Information [Abstract]
Other Financial Information	8. Other Financial Information ​ The following table provides additional detail for accounts receivable, prepaid expenses and accounts payable and accrued liabilities which are presented on the consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Accounts receivable: ​ ​ ​ ​ ​ ​ ​ Trade receivables (1) ​ $ 47,580 ​ $ 20,306 ​ Receivable for Alta Resources distribution ​ ​ 1,712 ​ ​ 1,712 ​ Joint interest billings ​ ​ 18,915 ​ ​ 15,637 ​ Income taxes receivable ​ ​ — ​ ​ 268 ​ Other receivables ​ ​ — ​ ​ 2,209 ​ Allowance for doubtful accounts ​ ​ (2,270) ​ ​ (2,270) ​ Total accounts receivable ​ $ 65,937 ​ $ 37,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses: ​ ​ ​ ​ ​ ​ ​ Prepaid insurance ​ $ 5,475 ​ $ 2,825 ​ Other (2) ​ ​ 667 ​ ​ 535 ​ Total prepaid expenses ​ $ 6,142 ​ $ 3,360 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Royalties and revenue payable (1) ​ $ 38,755 ​ $ 23,701 ​ Legal suspense related to revenues (1)(3) ​ ​ 30,718 ​ ​ 27,983 ​ Advances from partners (4) ​ ​ 5,160 ​ ​ 76 ​ Accrued exploration and development (4) ​ ​ 6,157 ​ ​ 490 ​ Trade payables (1) ​ ​ 30,910 ​ ​ 14,273 ​ Accrued general and administrative expenses ​ ​ 5,407 ​ ​ 6,191 ​ Accrued operating expenses ​ ​ 6,777 ​ ​ 5,755 ​ Accrued operating and finance leases ​ ​ 3,618 ​ ​ 2,772 ​ Other accounts payable and accrued liabilities ​ ​ 5,025 ​ ​ 2,729 ​ Total accounts payable and accrued liabilities ​ $ 132,527 ​ $ 83,970 ​ (1) Increase in 2021 primarily due to the Mid-Con Acquisition and the Silvertip Acquisition. (2) Other prepaids primarily includes software licenses. (3) Suspended revenues primarily relate to amounts for which there is some question as to valid ownership, unknown addresses of payees or some other payment dispute. (4) Increase primarily related to the Company’s resumed drilling program in the second quarter of 2021 and the NE Bullseye wells in the Permian region. ​ Included in the table below are supplemental cash flow disclosures and non-cash investing activities during the six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2021 ​ 2020 Cash payments: ​ ​ ​ ​ ​ ​ Interest payments $ 1,733 ​ $ 2,006 ​ Income tax payments $ 1,332 ​ $ 83 ​ Non-cash investing activities in the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ Increase (decrease) in accrued capital expenditures $ 5,667 ​ $ (7,095) ​ ​ The Company issued a total of 25,552,933 shares of Contango common stock at the closing of the Mid-Con Acquisition. See Note 3 – “Acquisitions and Dispositions” for more information.

Investment In Exaro Energy III

Investment In Exaro Energy III LLC	6 Months Ended
	Jun. 30, 2021
Investment In Exaro Energy III LLC [Abstract]
Investment In Exaro Energy III LLC	9. Investment in Exaro Energy III LLC The Company maintains an ownership interest in Exaro of approximately 37%. The Company’s share in the equity of Exaro at June 30, 2021 was approximately $6.0 million. The Company accounts for its ownership in Exaro using the equity method of accounting, and therefore, does not include its share of individual operating results, production or reserves in those reported for the Company’s consolidated results. The Company’s share in Exaro’s results of operations recognized for the three and six months ended June 30, 2021 was a loss of $0.8 million, net of no tax expense. The Company’s share in Exaro’s results of operations recognized for the three and six months ended June 30, 2020 was a loss of $0.2 million, net of no tax expense, and a gain of $0.1 million, net of no tax expense, respectively.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Long-Term Debt
Long-Term Debt	10. Long-Term Debt ​ Credit Agreement ​ On September 17, 2019, the Company entered into its new revolving credit agreement with JPMorgan Chase Bank and other lenders (as amended, the “Credit Agreement”), which established a borrowing base of $65 million. The borrowing base is subject to semi-annual redeterminations which will occur on or around May 1 st and November 1 st of each year. ​ On October 30, 2020, the Company entered into the Third Amendment to the Credit Agreement, which became effective on January 21, 2021, upon the satisfaction of certain conditions, including the consummation of the Mid-Con Acquisition. See Note 3 – “Acquisitions and Dispositions” for more information. The Third Amendment provided for, among other things, (i) a 25 basis point increase in the applicable margin at each level of the borrowing base utilization-based pricing grid, (ii) an increase of the borrowing base from $75.0 million to $130.0 million on the effective date of the Third Amendment, with a $10.0 million automatic stepdown in the borrowing base on March 31, 2021, (iii) certain modifications to the Company’s minimum hedging covenant including requiring hedging for at least 75% of the Company’s projected PDP volumes for 24 full calendar months on or prior to 30 days after the effective date of the Third Amendment and on April 1 and October 1 of each calendar year and (iv) the addition of three new banks to the lender group. On May 3, 2021, the Company entered into the Fifth Amendment to the Credit Agreement, which The Fifth Amendment also provides for, among other things, (i) the reinstatement of the minimum current ratio covenant calculation of 1.0 :1.0 beginning as of June 30, 2021, (ii) a decrease in the maximum Total Debt/EBITDAX leverage ratio calculation from 3.5 :1.0 to 3.25 :1.0, and (iii) a decrease in the Company’s minimum hedging covenant resulting in requiring hedging for at least 70% of the Company’s projected PDP volumes for 12 full calendar months from the date of delivery of each reserve report and at least 50% of the Company’s projected PDP volumes for months 13 through 24 from the date of delivery of each reserve report ​ As of June 30, 2021, under the Credit Agreement, the Company had $69.0 million borrowings outstanding, $2.9 million in outstanding letters of credit and borrowing availability of approximately $178.1 million. As of December 31, 2020, the Company had approximately $9.0 million outstanding under the Credit Agreement and $1.9 million in an outstanding letter of credit. ​ The Company initially incurred $1.8 million of arrangement and upfront fees in connection with the Credit Agreement and incurred an additional $1.6 million in fees for the first amendment to the Credit Agreement, to be amortized over the five-year term of the Credit Agreement. No fees were paid for the Second Amendment. The Company incurred $1.0 million in fees related to the Third Amendment, which became effective upon the closing of the Mid-Con Acquisition on January 21, 2021, of which $0.1 million were incurred during the fourth quarter of 2020. The Company incurred $1.6 million in fees related to the Fifth Amendment, which became effective on May 3, 2021, and will be amortized over the remaining term of the Credit Agreement. During the six months ended June 30, 2021, the Company amortized debt issuance costs of $0.4 million related to the Credit Agreement. As of June 30, 2021, the remaining amortizable balance of these fees was $3.9 million and will be amortized through September 17, 2024. ​ Total interest expense under the Company’s Credit Agreement, including commitment fees, was approximately $1.4 million and $2.6 million for the three and six months ended June 30, 2021, respectively. Total interest expense under the Company’s Credit Agreement, including commitment fees, was approximately $2.2 million and $3.4 million, for the three and six months ended June 30, 2020, respectively. Included in the 2020 interest expense is $1.0 million in debt issuance costs which originally were to be amortized over the life of the loan, but were immediately expensed due to a reduction in the borrowing base under the Second Amendment. ​ The weighted average interest rates in effect at June 30, 2021 and December 31, 2020 were 3.5% and 2.9%, respectively. ​ The Credit Agreement is collateralized by liens on substantially all of the Company’s oil and natural gas properties and other assets and security interests in the stock of its wholly owned and/or controlled subsidiaries. The Company’s wholly owned and/or controlled subsidiaries are also required to join as guarantors under the Credit Agreement. ​ The Credit Agreement contains customary and typical restrictive covenants. The Fifth Amendment requires a Current Ratio of greater than or equal to 1.0:1.0 and a Leverage Ratio of less than or equal to 3.25:1.0. The Credit Agreement also contains typical 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, a going concern qualification, payment defaults, breach of certain covenants, bankruptcy, insolvency or change of control events. As of June 30, 2021, the Company was in compliance with all of its covenants under the Credit Agreement. ​ Paycheck Protection Program Loan ​ ​ The PPP Loan was set to mature on the two-year anniversary of the funding date and bears interest at a fixed rate of 1.00% per annum. Monthly principal and interest payments, less the amount of any potential forgiveness (discussed below), commenced after the six-month anniversary of the funding date. The promissory note evidencing the PPP Loan provided for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects. ​ application for forgiveness of the total amount outstanding under the PPP Loan in accordance with the updated application terms of the CARES Act and related guidance. ​ On August 6, 2021, the Company received notice from the Small Business Administration that the PPP loan was forgiven in its entirety.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Taxes [Abstract]
Income Taxes	11. Income Taxes ​ The Company’s income tax provision (benefit) for continuing operations consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 ​ 2021 ​ 2020 ​ Current tax provision (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (254) ​ $ — ​ $ (254) ​ $ 275 ​ State ​ ​ 70 ​ ​ (7) ​ ​ 609 ​ ​ 112 ​ Total ​ $ (184) ​ $ (7) ​ $ 355 ​ $ 387 ​ Deferred tax provision: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ — ​ $ — ​ $ — ​ $ — ​ State ​ ​ — ​ ​ 376 ​ ​ — ​ ​ 376 ​ Total ​ $ — ​ $ 376 ​ $ — ​ $ 376 ​ Total tax provision (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (254) ​ $ — ​ $ (254) ​ $ 275 ​ State ​ ​ 70 ​ ​ 369 ​ ​ 609 ​ ​ 488 ​ Total income tax provision (benefit): ​ $ (184) ​ $ 369 ​ $ 355 ​ $ 763 ​ ​ State income tax expense relates to income taxes for the quarter which are expected to be owed primarily to the states of Louisiana and Oklahoma resulting from activities within those states and, in each case, that are not shielded by existing Federal tax attributes. The Federal income tax benefit for the current period results from applying the estimated annual effective tax rate to the year-to-date pre-tax loss, less amounts recorded in the first quarter of 2021, plus a small true-up of a previously recorded alternative minimum tax refund was reflected. ​ In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the amount of deferred tax liabilities, level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes it is not more-likely-than-not that it will realize the benefits of these deductible differences. ​ As of June 30, 2021, the Company had federal net operating loss (“NOL”) carryforwards of approximately $402.7 million and state NOLs of $26.4 million. The Federal NOL carryforwards are made up of: (i) those acquired in the merger with Crimson Exploration, Inc. in 2013 and (ii) from subsequent taxable losses during the years 2014 through 2020, due to lower commodity prices and utilization of various elections available to the Company in expensing capital expenditures incurred in the development of oil and natural gas properties. Generally, these NOLs are available to reduce future taxable income and the related income tax liability subject to the limitations set forth in Internal Revenue Code Section 382 related to changes of more than 50% of ownership of the Company’s stock by 5% or greater shareholders over a three-year period (a Section 382 Ownership Change) from the time of such an ownership change. The Company experienced two separate Section 382 Ownership Changes in connection with two of its equity offerings occurring in 2018 and 2019, respectively (the “Ownership Changes”). Market conditions at the time of the 2019 Ownership Change had diminished from the time of the 2018 Ownership Change, thus subjecting virtually all of the Company’s tax attributes to an annual limitation of $0.7 million a year (in pre-tax dollars). This lower annual limitation resulting from the 2019 Ownership Change effectively eliminates the ability to utilize these tax attributes in the future. As a result of the Ownership Changes, the Company has recorded a valuation allowance against substantially all of its NOLs and other deferred tax assets. The Company determined that no Section 382 Ownership Change from share activity occurred in the six months ended June 30, 2021. The valuation allowance balances at June 30, 2021 for federal and state purposes are approximately $146.8 million and approximately $4.4 million, respectively. ​ The Consolidated Appropriations Act of 2021 was signed into law on December 27, 2020 to provide a response by the Federal government to the pandemic and contains numerous tax incentives and extensions for businesses. One such provision is a change in the deductibility of expenses for meals purchased from a restaurant, where, in calendar years 2021 and 2022, there is no reduction in deductibility (compared to a prior 50% limitation). For the six months ended June 30, 2021, the Company is claiming a 100% benefit for qualifying meal expenses.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies [Abstract]
Commitments and Contingencies	12. 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 January 2016, the Company was named as the defendant in a lawsuit filed in the District Court for Harris County in Texas by a third-party operator. The Company participated in the drilling of a well in 2012, which experienced serious difficulties during the initial drilling, which eventually led to the plugging and abandoning of the wellbore prior to reaching the target depth. In dispute is whether the Company is responsible for the additional costs related to the drilling difficulties and plugging and abandonment. In September 2019, the case went to trial, and the court ruled in favor of the plaintiff. Prior to the judgment, the Company had approximately $1.1 million in accounts payable related to the disputed costs associated with this case. As a result of the judgment, during the three months ended September 30, 2019, the Company recorded an additional $2.1 million liability for the final judgment plus fees and interest. The Company filed an appeal with the appellate court for a review of the initial trial court’s decision. On January 23, 2021, the appellate court notified both parties that it would begin reviewing the merits of the case beginning on February 23, 2021. On March 3, 2021, the appellate court affirmed the trial court’s decision. The Company has filed a petition with the Texas Supreme Court requesting a review of the appellate court’s decision and is awaiting a response. ​ 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. ​

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events ​ On July 7, 2021, the Company entered into a purchase and sale agreement with ConocoPhillips to acquire low decline, conventional gas assets in the Wind River Basin of Wyoming. Upon closing, Contango will acquire approximately 446 Bcfe of PDP reserves (unaudited) for a total purchase price of $67.0 million in cash, subject to customary purchase price adjustments. Closing of the Pending Wind River Basin Acquisition is expected to occur in the third quarter of 2021, subject to the satisfaction of certain closing conditions set forth in the purchase and sale agreement. ​ On August 6, 2021, the Company received notice from the Small Business Administration that the Company’s PPP loan for approximately $3.4 million was forgiven in its entirety. The PPP Loan to the Company is included in “Long-term debt” on the Company’s consolidated balance sheet as of June 30, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	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 2020 Form 10-K. These unaudited interim consolidated results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. ​ 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. The Company’s investment in Exaro Energy III LLC (“Exaro”), through its wholly owned subsidiary, Contaro Company, is accounted for using the equity method of accounting, and therefore, the Company does not include its share of individual operating results, production or reserves in those reported for the Company’s consolidated results of operations. ​ Certain amounts in prior-period financial statements have been reclassified to conform to the current period’s presentation. On the consolidated statements of operations, the Company’s working interest percentage share of the overhead billed to the 8/8s joint account for wells it operates has been reclassified from operating expenses to general and administrative expenses.
Oil and Natural Gas Properties - Successful Efforts	Oil and Natural Gas Properties - Successful Efforts The Company’s application of the successful efforts method of accounting for its oil and natural gas exploration and production activities requires judgment as to whether particular wells are developmental or exploratory, since lease acquisition costs and all development costs are capitalized, whereas exploratory drilling costs are continuously capitalized until the results are determined. If proved reserves are not discovered, the drilling costs are expensed as exploration costs. Other exploration related costs, such as seismic costs and other geological and geophysical expenses, are expensed as incurred. The results from a drilling operation can take considerable time to analyze, and the determination that commercial reserves have been discovered requires both judgment and application of industry experience. Wells may be completed that are assumed to be productive, but then actually deliver oil and natural gas in quantities insufficient to be economic, which may result in the abandonment and/or impairment of the wells at a later date. On occasion, wells are drilled which have targeted geologic structures that are both developmental and exploratory in nature, and in such instances an allocation of costs is required to properly account for the results. Delineation seismic costs incurred to select development locations within a productive oil or natural gas field are typically treated as development costs and capitalized, but often these seismic programs extend beyond the proved reserve areas, and therefore, management must estimate the portion of seismic costs to expense as exploratory. The evaluation of oil and natural gas leasehold acquisition costs included in unproved properties for write-off or impairment requires management’s judgment on exploratory costs related to drilling activity in a given area. Drilling activities in an area by other companies may also effectively condemn leasehold positions.
Impairment of Long-Lived Assets	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 assets in that field. If the estimated future undiscounted cash flows, based on the Company’s estimate of future reserves, oil and natural gas 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 its fair value. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible 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 natural gas properties. Additionally, the Company may use appropriate market data to determine fair value. No impairment of proved properties was recorded during the six months ended June 30, 2021. ​ In the first quarter of 2020, the COVID-19 pandemic and the resulting deterioration in the global demand for oil, combined with the failure by the OPEC and Russia to reach an agreement on lower production quotas until April 2020, caused a dramatic increase in the supply of oil, a corresponding decrease in commodity prices, and reduced the demand for all commodity products. Consequently, during the six months ended June 30, 2020, the Company recorded a $143.3 million non-cash charge for proved property impairment of its onshore properties related to the dramatic decline in commodity prices, the impact of the lower prices on the “PV-10” (present value, discounted at a 10% rate) of its proved reserves, and the associated change in its then forecasted development plans for its proved, undeveloped locations. ​ Unproved properties are reviewed quarterly to determine if there has been impairment of the carrying value of those properties, with any such impairment charged to expense in the period. The Company recorded a $0.2 million non-cash charge for unproved impairment expense during the six months ended June 30, 2021 related to expiring leases in the Company’s Permian region. The Company recorded a $2.6 million non-cash charge for unproved impairment expense during the six months ended June 30, 2020 related to expiring leases in the Company’s Midcontinent region.
Net 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. Potentially dilutive securities, including unexercised stock options, performance stock units and unvested restricted stock, have not been considered when their effect would be antidilutive. The Company excluded 4,408 shares or units, and 76,209 shares or units of potentially dilutive securities during the three and six months ended June 30, 2021, respectively, as they were antidilutive. The Company excluded 506,325 shares or units, and 414,383 shares or units of potentially dilutive securities during the three and six months ended June 30, 2020, respectively, as they were antidilutive.
Subsidiary Guarantees	Subsidiary Guarantees ​ Contango Oil & Gas Company, as the parent company of its subsidiaries, filed a registration statement on Form S-3 on December 18, 2020 with the SEC to register, among other securities, debt securities that the Company may issue from time to time. Contango Resources, Inc., Contango Midstream Company, Contango Operators, Inc., Contaro Company, Contango Alta Investments, Inc. and any other of the Company’s future subsidiaries specified in any future prospectus supplement (each a “Subsidiary Guarantor”) are co-registrants with the Company under the registration statement, and the registration statement also registered guarantees of debt securities by such Subsidiary Guarantors. The Subsidiary Guarantors are wholly-owned by the Company, either directly or indirectly, and any guarantee by the Subsidiary Guarantors will be full and unconditional. The 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 Company. Finally, the 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 Company in the form of loans, advances or cash dividends by such subsidiary without the consent of a third party.
Revenue Recognition	Revenue Recognition ​ Sales of oil, condensate, natural gas and natural gas liquids (“NGLs”) are recognized at the time control of the products are transferred to the customer. Generally, the Company’s gas processing and purchase agreements indicate that the processors take control of the Company’s gas at the inlet of the plant, and that control of residue gas is returned to the Company at the outlet of the plant. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of NGLs. The Company delivers oil and condensate to the purchaser at a contractually agreed-upon delivery point at which the purchaser takes custody, title and risk of loss of the product. ​ ​ The Company records revenue in the month production is delivered to the purchaser. Settlement statements may not be received for 30 to 90 days after the date production is delivered, and therefore the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. Differences between the Company’s estimates and the actual amounts received for product sales are generally recorded in the following month that payment is received. Any differences between the Company’s revenue estimates and actual revenue received historically have not been significant. The Company has internal controls in place for its revenue estimation accrual process. The Company will continue to review all new or modified revenue contracts on a quarterly basis for proper treatment.
Leases	Leases ​ ​
Recent Accounting Pronouncements	Recent Accounting Pronouncements ​

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule of pro forma information	​ ​ ​ ​ ​ (In thousands except for per share amounts) Year Ended December 31, 2020 Revenues ​ $ 202,442 Net loss ​ $ (191,975) Basic loss per share ​ $ (0.97) Diluted loss per share ​ $ (0.97)
Mid-Con [Member]
Schedule of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ Purchase Price Allocation Consideration: ​ ​ ​ Mid-Con outstanding units ​ ​ 14,602 Exchange ratio of Contango shares for Mid-Con common units ​ ​ 1.75 Contango common stock to be issued to Mid-Con unitholders ​ ​ 25,553 Issue price ​ $ 3.13 Stock consideration ​ ​ 79,979 Cash consideration in lieu of fractional shares ​ ​ 4 Payment of revolving credit facility ​ ​ 68,667 Total consideration ​ $ 148,650 ​ ​ ​ ​ Fair value of liabilities assumed: ​ ​ ​ Accounts payable ​ $ 8,892 Asset retirement obligations ​ ​ 28,252 Total fair value of liabilities assumed ​ $ 37,144 ​ ​ ​ ​ Fair value of assets acquired: ​ ​ ​ Cash and cash equivalents ​ $ 3,110 Accounts receivable ​ ​ 5,191 Current derivative asset ​ ​ 1,544 Prepaid expenses ​ ​ 225 Proved oil and natural gas properties ​ ​ 174,331 Other property and equipment ​ ​ 243 Other non-current assets ​ ​ 1,150 Total fair value of assets acquired ​ $ 185,794
Silvertip Acquisition [Member]
Schedule of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ Purchase Price Allocation Consideration: ​ ​ ​ Purchase price ​ $ 58,000 Closing adjustments ​ ​ (4,739) Total consideration ​ ​ 53,261 Acquisition transaction costs ​ ​ 109 Total cash paid ​ $ 53,370 ​ ​ ​ ​ Fair value of liabilities assumed: ​ ​ ​ Accounts payable ​ $ 423 Lease liabilities ​ ​ 1,014 Asset retirement obligations ​ ​ 32,367 Total relative fair value of liabilities assumed ​ $ 33,804 ​ ​ ​ ​ Fair value of assets acquired: ​ ​ ​ Proved oil and natural gas properties ​ $ 86,160 Right-of-use lease assets ​ ​ 1,014 Total relative fair value of assets acquired ​ $ 87,174

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Measurements
Schedule Of Fair Value Of Financial Assets And (Liabilities)	Fair value information for financial assets and liabilities was as follows as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Fair Value Measurements Using ​ ​ Carrying Value Level 1 Level 2 Level 3 Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity price contracts - assets ​ $ — ​ $ — ​ $ — ​ $ — ​ Commodity price contracts - liabilities ​ $ (58,669) ​ $ — ​ $ (58,669) ​ $ — ​

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule Of Derivative Contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Commodity Period Derivative Volume/Quarter Price/Unit Fair Value Oil ​ Q3 2021 ​ Swap ​ 579,941 ​ Bbls ​ $ 57.15 (1) ​ ​ (8,833) ​ Oil ​ Q4 2021 ​ Swap ​ 547,251 ​ Bbls ​ $ 57.06 (1) ​ ​ (7,039) ​ Oil ​ Q1 2022 ​ Swap ​ 585,000 ​ Bbls ​ $ 56.34 (1) ​ ​ (6,821) ​ Oil ​ Q2 2022 ​ Swap ​ 473,000 ​ Bbls ​ $ 52.92 (1) ​ ​ (6,377) ​ Oil ​ Q3 2022 ​ Swap ​ 417,000 ​ Bbls ​ $ 51.27 (1) ​ ​ (5,664) ​ Oil ​ Q4 2022 ​ Swap ​ 407,000 ​ Bbls ​ $ 51.86 (1) ​ ​ (4,776) ​ Oil ​ Q1 2023 ​ Swap ​ 380,000 ​ Bbls ​ $ 53.15 (1) ​ ​ (3,570) ​ Oil ​ Q2 2023 ​ Swap ​ 150,000 ​ Bbls ​ $ 58.43 (1) ​ ​ (564) ​ Oil ​ Q3 2021 ​ Collar ​ 60,941 ​ Bbls ​ $ 52.00 - 58.80 (1) ​ ​ (840) ​ Oil ​ Q4 2021 ​ Collar ​ 60,251 ​ Bbls ​ $ 52.00 - 58.80 (1) ​ ​ (727) ​ Natural Gas ​ Q3 2021 ​ Swap ​ 3,140,000 ​ MMBtus ​ $ 2.71 (2) ​ ​ (2,898) ​ Natural Gas ​ Q4 2021 ​ Swap ​ 3,000,000 ​ MMBtus ​ $ 2.63 (2) ​ ​ (3,134) ​ Natural Gas ​ Q1 2022 ​ Swap ​ 3,090,000 ​ MMBtus ​ $ 2.69 (2) ​ ​ (3,037) ​ Natural Gas ​ Q2 2022 ​ Swap ​ 2,425,000 ​ MMBtus ​ $ 2.51 (2) ​ ​ (1,061) ​ Natural Gas ​ Q3 2022 ​ Swap ​ 2,300,000 ​ MMBtus ​ $ 2.51 (2) ​ ​ (1,058) ​ Natural Gas ​ Q4 2022 ​ Swap ​ 2,250,000 ​ MMBtus ​ $ 2.65 (2) ​ ​ (945) ​ Natural Gas ​ Q1 2023 ​ Swap ​ 1,500,000 ​ MMBtus ​ $ 2.72 (2) ​ ​ (776) ​ Natural Gas ​ Q4 2021 ​ Collar ​ 400,000 ​ MMBtus ​ $ 3.00 - 3.41 (1) ​ ​ (175) ​ Natural Gas ​ Q1 2022 ​ Collar ​ 510,000 ​ MMBtus ​ $ 3.00 - 3.41 (2) ​ ​ (234) ​ Natural Gas ​ Q1 2023 ​ Collar ​ 550,000 ​ MMBtus ​ $ 2.63 - 3.01 (2) ​ ​ (140) ​ Total net fair value of derivative instruments (in thousands) ​ $ (58,669) ​ (1) Based on West Texas Intermediate oil prices. (2) Based on Henry Hub NYMEX natural gas prices.
Schedule Of Fair Value Of Commodity Derivatives	The following summarizes the fair value of commodity derivatives outstanding on a gross and net basis as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Netting (1) Total Assets ​ $ — ​ $ — ​ $ — ​ Liabilities ​ $ (58,669) ​ $ — ​ $ (58,669) ​ (1) Represents counterparty netting under agreements governing such derivatives. ​ The following summarizes the fair value of commodity derivatives outstanding on a gross and net basis as of December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Netting (1) Total ​ Assets ​ $ 3,493 ​ $ — ​ $ 3,493 ​ Liabilities ​ $ (2,965) ​ $ — ​ $ (2,965) ​ (1) Represents counterparty netting under agreements governing such derivatives.
Schedule Of Derivative Contracts On Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 Oil contracts ​ $ (5,792) ​ $ 8,461 ​ $ (7,674) ​ $ 11,258 ​ Natural gas contracts ​ ​ (588) ​ ​ 2,933 ​ ​ (1,147) ​ ​ 5,445 ​ Realized gain (loss) ​ $ (6,380) ​ $ 11,394 ​ $ (8,821) ​ $ 16,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil contracts ​ $ (35,139) ​ $ (16,557) ​ $ (48,925) ​ $ 24,170 ​ Natural gas contracts ​ ​ (11,961) ​ ​ (3,641) ​ ​ (11,815) ​ ​ (2,978) ​ Non-cash mark-to-market gain (loss) ​ $ (47,100) ​ $ (20,198) ​ $ (60,740) ​ $ 21,192 ​ Gain (loss) on derivatives, net ​ $ (53,480) ​ $ (8,804) ​ $ (69,561) ​ $ 37,895 ​
Subsequent Derivative Contracts [Member]
Schedule Of Derivative Contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Commodity Period Derivative Volume/Quarter Price/Unit Natural Gas ​ Q3 2021 ​ Swap ​ 725,000 MMBtus ​ $ 3.71 (1) Natural Gas ​ Q4 2021 ​ Swap ​ 975,000 MMBtus ​ $ 3.71 (1) Natural Gas ​ Q1 2022 ​ Swap ​ 900,000 MMBtus ​ $ 3.10 (1) Natural Gas ​ Q2 2022 ​ Swap ​ 1,950,000 MMBtus ​ $ 3.10 (1) Natural Gas ​ Q3 2022 ​ Swap ​ 1,350,000 MMBtus ​ $ 3.10 (1) Natural Gas ​ Q4 2022 ​ Swap ​ 1,550,000 MMBtus ​ $ 3.10 (1) Natural Gas ​ Q1 2023 ​ Swap ​ 1,350,000 MMBtus ​ $ 2.73 (1) Natural Gas ​ Q2 2023 ​ Swap ​ 3,000,000 MMBtus ​ $ 2.73 (1) (1) Based on Henry Hub NYMEX natural gas prices.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases
Summary of balance sheet information related to the leases	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 ​ Operating lease right of use asset (1) $ 3,206 ​ $ 2,452 ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liability - current (2) $ (2,255) ​ $ (1,832) ​ Operating lease liability - long-term (3) ​ (911) ​ ​ (522) ​ Total operating lease liability $ (3,166) ​ $ (2,354) ​ ​ ​ ​ ​ ​ ​ ​ Financing lease right of use asset (1) $ 4,179 ​ $ 2,996 ​ ​ ​ ​ ​ ​ ​ ​ Financing lease liability - current (2) $ (1,364) ​ $ (940) ​ Financing lease liability - long-term (3) ​ (2,894) ​ ​ (2,102) ​ Total financing lease liability $ (4,258) ​ $ (3,042) ​ (1) Included in “Right-of-use lease assets” on the consolidated balance sheet. (2) Included in “Accounts payable and accrued liabilities” on the consolidated balance sheet. (3) Included in “Lease liabilities” on the consolidated balance sheet.
Summary of weighted average remaining lease terms and weighted average discount rates	The table below presents the weighted average remaining lease terms and weighted average discount rates for the Company’s leases as of June 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ December 31, 2020 ​ Weighted Average Remaining Lease Terms (in years): ​ ​ ​ ​ ​ ​ Operating leases ​ 1.57 ​ ​ 1.47 ​ Financing leases ​ 3.13 ​ ​ 3.24 ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Discount Rate: ​ ​ ​ ​ ​ ​ Operating leases ​ 6.02% ​ ​ 5.72% ​ Financing leases ​ 5.85% ​ ​ 5.92% ​
Summary of operating lease maturities	Maturities for the Company’s lease liabilities on the consolidated balance sheet as of June 30, 2021, were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Operating Leases ​ ​ Financing Leases ​ 2021 (remaining after June 30, 2021) $ 2,377 ​ ​ $ 1,576 ​ 2022 ​ 710 ​ ​ ​ 1,465 ​ 2023 ​ 173 ​ ​ ​ 1,112 ​ 2024 ​ 69 ​ ​ ​ 522 ​ 2025 ​ — ​ ​ ​ 2 ​ Total future minimum lease payments ​ 3,329 ​ ​ ​ 4,677 ​ Less: imputed interest ​ (163) ​ ​ ​ (419) ​ Present value of lease liabilities $ 3,166 ​ ​ $ 4,258 ​
Summary of finance lease maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Operating Leases ​ ​ Financing Leases ​ 2021 (remaining after June 30, 2021) $ 2,377 ​ ​ $ 1,576 ​ 2022 ​ 710 ​ ​ ​ 1,465 ​ 2023 ​ 173 ​ ​ ​ 1,112 ​ 2024 ​ 69 ​ ​ ​ 522 ​ 2025 ​ — ​ ​ ​ 2 ​ Total future minimum lease payments ​ 3,329 ​ ​ ​ 4,677 ​ Less: imputed interest ​ (163) ​ ​ ​ (419) ​ Present value of lease liabilities $ 3,166 ​ ​ $ 4,258 ​
Summary of lease costs	The following table summarizes expenses related to the Company’s leases for the three months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ ​ Three Months Ended June 30, 2020 ​ Operating lease cost (1) (2) $ 1,043 ​ ​ $ 743 ​ Financing lease cost - amortization of right-of-use assets ​ 331 ​ ​ ​ 155 ​ Financing lease cost - interest on lease liabilities ​ 61 ​ ​ ​ 27 ​ Administrative lease cost (3) ​ 17 ​ ​ ​ 19 ​ Short-term lease cost (1) (4) ​ 367 ​ ​ ​ 615 ​ Total lease cost $ 1,819 ​ ​ $ 1,559 ​ (1) This total does not reflect amounts that may be reimbursed by other third parties in the normal course of business, such as non-operating working interest owners. (2) Costs related to office leases and compressors with lease terms of twelve months or more. (3) Costs related primarily to office equipment and IT solutions with lease terms of more than one month and less than one year. (4) Costs related primarily to generators and compressor agreements with lease terms of more than one month and less than one year. The following table summarizes expenses related to the Company’s leases for the six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2021 ​ ​ Six Months Ended June 30, 2020 ​ Operating lease cost (1) (2) $ 1,900 ​ ​ $ 1,430 ​ Financing lease cost - amortization of right-of-use assets ​ 603 ​ ​ ​ 284 ​ Financing lease cost - interest on lease liabilities ​ 114 ​ ​ ​ 52 ​ Administrative lease cost (3) ​ 36 ​ ​ ​ 38 ​ Short-term lease cost (1) (4) ​ 791 ​ ​ ​ 1,053 ​ Total lease cost $ 3,444 ​ ​ $ 2,857 ​ (1) This total does not reflect amounts that may be reimbursed by other third parties in the normal course of business, such as non-operating working interest owners. (2) Costs related to office leases and compressors with lease terms of twelve months or more. (3) Costs related primarily to office equipment and IT solutions with lease terms of more than one month and less than one year. (4) Costs related primarily to generators and compressor agreements with lease terms of more than one month and less than one year.

Other Financial Information (Ta

Other Financial Information (Tables)	6 Months Ended
	Jun. 30, 2021
Other Financial Information [Abstract]
Schedule Of Additional Financial Details	The following table provides additional detail for accounts receivable, prepaid expenses and accounts payable and accrued liabilities which are presented on the consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Accounts receivable: ​ ​ ​ ​ ​ ​ ​ Trade receivables (1) ​ $ 47,580 ​ $ 20,306 ​ Receivable for Alta Resources distribution ​ ​ 1,712 ​ ​ 1,712 ​ Joint interest billings ​ ​ 18,915 ​ ​ 15,637 ​ Income taxes receivable ​ ​ — ​ ​ 268 ​ Other receivables ​ ​ — ​ ​ 2,209 ​ Allowance for doubtful accounts ​ ​ (2,270) ​ ​ (2,270) ​ Total accounts receivable ​ $ 65,937 ​ $ 37,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses: ​ ​ ​ ​ ​ ​ ​ Prepaid insurance ​ $ 5,475 ​ $ 2,825 ​ Other (2) ​ ​ 667 ​ ​ 535 ​ Total prepaid expenses ​ $ 6,142 ​ $ 3,360 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Royalties and revenue payable (1) ​ $ 38,755 ​ $ 23,701 ​ Legal suspense related to revenues (1)(3) ​ ​ 30,718 ​ ​ 27,983 ​ Advances from partners (4) ​ ​ 5,160 ​ ​ 76 ​ Accrued exploration and development (4) ​ ​ 6,157 ​ ​ 490 ​ Trade payables (1) ​ ​ 30,910 ​ ​ 14,273 ​ Accrued general and administrative expenses ​ ​ 5,407 ​ ​ 6,191 ​ Accrued operating expenses ​ ​ 6,777 ​ ​ 5,755 ​ Accrued operating and finance leases ​ ​ 3,618 ​ ​ 2,772 ​ Other accounts payable and accrued liabilities ​ ​ 5,025 ​ ​ 2,729 ​ Total accounts payable and accrued liabilities ​ $ 132,527 ​ $ 83,970 ​ (1) Increase in 2021 primarily due to the Mid-Con Acquisition and the Silvertip Acquisition. (2) Other prepaids primarily includes software licenses. (3) Suspended revenues primarily relate to amounts for which there is some question as to valid ownership, unknown addresses of payees or some other payment dispute. (4) Increase primarily related to the Company’s resumed drilling program in the second quarter of 2021 and the NE Bullseye wells in the Permian region.
Schedule Of Supplemental Disclosures	Included in the table below are supplemental cash flow disclosures and non-cash investing activities during the six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2021 ​ 2020 Cash payments: ​ ​ ​ ​ ​ ​ Interest payments $ 1,733 ​ $ 2,006 ​ Income tax payments $ 1,332 ​ $ 83 ​ Non-cash investing activities in the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ Increase (decrease) in accrued capital expenditures $ 5,667 ​ $ (7,095) ​

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Taxes [Abstract]
Components Of Income Tax Provision	The Company’s income tax provision (benefit) for continuing operations consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 ​ 2021 ​ 2020 ​ Current tax provision (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (254) ​ $ — ​ $ (254) ​ $ 275 ​ State ​ ​ 70 ​ ​ (7) ​ ​ 609 ​ ​ 112 ​ Total ​ $ (184) ​ $ (7) ​ $ 355 ​ $ 387 ​ Deferred tax provision: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ — ​ $ — ​ $ — ​ $ — ​ State ​ ​ — ​ ​ 376 ​ ​ — ​ ​ 376 ​ Total ​ $ — ​ $ 376 ​ $ — ​ $ 376 ​ Total tax provision (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (254) ​ $ — ​ $ (254) ​ $ 275 ​ State ​ ​ 70 ​ ​ 369 ​ ​ 609 ​ ​ 488 ​ Total income tax provision (benefit): ​ $ (184) ​ $ 369 ​ $ 355 ​ $ 763 ​

Organization and Business (Deta

Organization and Business (Details) $ in Thousands	Jul. 07, 2021USD ($)Bcfe	Mar. 31, 2021USD ($)	Feb. 01, 2021USD ($)	Jan. 21, 2021USD ($)shares	Jun. 30, 2021USD ($)a	Jun. 30, 2021USD ($)aitem	Feb. 01, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 07, 2021	May 03, 2021USD ($)	Jan. 20, 2021USD ($)	Sep. 17, 2019USD ($)
Exploration and development expenditures						$ 5,598		$ 19,719
Number of wells | item						18
Gross acres | a					16,200	16,200
Net acres | a					7,500	7,500
Stock issuance for prospect costs					$ 1,112
Wells to be drilled, net | item						3
Wells to be drilled, gross | item						6
Minimum [Member]
Capital expenditure budget						$ 30,000
Maximum [Member]
Capital expenditure budget						34,000
JPMorgan Chase Bank [Member]
Borrowing capacity		$ 120,000		$ 130,000						$ 250,000	$ 75,000	$ 65,000
Periodic borrowing base reduction		$ 10,000		$ 10,000
Mid-Con [Member]
Mid-Con acquisition (in shares) | shares				25,552,933
Silvertip Acquisition [Member]
Initial purchase price			$ 58,000
Cash consideration for acquisition			$ 53,261				$ 53,200
Combined Company [Member]
Ownership acquired (as a percent)									24.00%
Combined Company [Member] | Independence Energy [Member]
Ownership acquired (as a percent)									76.00%
ConocoPhillips Gas Assets [Member] | Subsequent Event [Member]
Proved developed reserves (energy) | Bcfe	446
Oil and gas asset acquisition	$ 67,000
Southern Delaware Basin
Exploration and development expenditures						5,200
Midcontinent Region
Exploration and development expenditures						6,400
Offshore Properties
Exploration and development expenditures						1,900
Stock issuance for prospect costs						$ 1,100

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2021
Policies
Term of contract	1 year
Minimum [Member]
Policies
Period settlement statements are received	30 days
Maximum [Member]
Policies
Period settlement statements are received	90 days

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Properties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Significant Accounting Policies [Line Items]
Impairment of oil and natural gas properties			$ 0
Potentially dilutive (in shares)	4,408	506,325	76,209	414,383
Restricted assets, percent of net assets	25.00%		25.00%
Proved property [Member]
Significant Accounting Policies [Line Items]
Impairment of oil and natural gas properties				$ 143.3
Unproved property [Member]
Significant Accounting Policies [Line Items]
Impairment of oil and natural gas properties			$ 0.2	$ 2.6

Acquisitions and Dispositions_2

Acquisitions and Dispositions (Details) $ in Thousands	Jul. 07, 2021USD ($)Bcfe	Feb. 01, 2021USD ($)	Jan. 21, 2021shares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 07, 2021
Acquisition
Acquisition deposit				$ (7,138)	$ (36)
ConocoPhillips Gas Assets [Member] | Subsequent Event [Member]
Acquisition
Proved developed reserves (energy) | Bcfe	446
Oil and gas asset acquisition	$ 67,000
Combined Company [Member]
Acquisition
Ownership acquired (as a percent)						24.00%
Combined Company [Member] | Independence Energy [Member]
Acquisition
Ownership acquired (as a percent)						76.00%
Mid-Con [Member]
Acquisition
Right to receive shares (in shares) | shares			1.75
Mid-Con acquisition (in shares) | shares			25,552,933
Mid-Con [Member] | Mid-Con [Member] | John C Goff [Member]
Acquisition
Equity method investment, ownership percentage			56.40%
Silvertip Acquisition [Member]
Acquisition
Initial purchase price		$ 58,000
Acquisition deposit		7,000
Remaining cash payment		$ 46,200

Acquisitions and Dispositions -

Acquisitions and Dispositions - Consideration (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 01, 2021	Jan. 21, 2021	Feb. 01, 2021
Mid-Con [Member]
Consideration:
Mid-Con outstanding shares (in shares)		14,602,000
Exchange ratio of Contango shares for Mid-Con common units (in shares)		1.75
Contango common stock to be issued to Mid-Con unitholders (in shares)		25,552,933
Issue price (in dollars per share)		$ 3.13
Stock consideration (in dollars)		$ 79,979
Cash consideration in lieu of fractional shares		4
Payment of revolving credit facility		68,667
Total consideration		148,650
Liabilities Assumed:
Accounts payable		8,892
Asset retirement obligations		28,252
Total liabilities assumed		37,144
Assets Acquired:
Cash and cash equivalents		3,110
Accounts receivable		5,191
Current derivative asset		1,544
Prepaid expenses		225
Proved oil and natural gas properties		174,331
Other property and equipment		243
Other non-current assets		1,150
Total assets acquired		$ 185,794
Silvertip Acquisition [Member]
Consideration:
Initial purchase price	$ 58,000
Cash	53,261		$ 53,200
Closing adjustments	(4,739)
Total consideration	53,370
Acquisition transaction costs	109		109
Liabilities Assumed:
Accounts payable	423		423
Lease liabilities	1,014		1,014
Asset retirement obligations	32,367		32,367
Total liabilities assumed	33,804		33,804
Assets Acquired:
Proved oil and natural gas properties	86,160		86,160
Right-of-use lease assets	1,014		1,014
Total assets acquired	$ 87,174		$ 87,174

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Pro Forma (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / shares
Pro forma information
Revenue | $	$ 202,442
Net loss | $	$ (191,975)
Basic earnings per share (in dollars per share) | $ / shares	$ (0.97)
Diluted earnings per share (in dollars per share) | $ / shares	$ (0.97)

Acquisitions and Dispositions_4

Acquisitions and Dispositions - Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disposals
Gain from sale of assets	$ 131	$ 4,406	$ 348	$ 4,433
Proceeds from sale			2,775	339
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Disposals
Gain from sale of assets			300	4,400
Proceeds from sale			2,800	500
Buyer assumed asset retirement obligation			$ 4,600	$ 5,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Jun. 30, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity price contracts - liabilities	$ 58,669
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity price contracts - liabilities	$ 58,669

Derivative Instruments - Deriva

Derivative Instruments - Derivative Contracts (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)item$ / item	Aug. 11, 2021item$ / item
Derivative [Line Items]
Fair Value | $	$ (58,669)
Swap [Member]
Derivative [Line Items]
Percentage of hedge	95.00%
Oil [Member] | Derivative Contract Period 2021 [Member]
Derivative [Line Items]
Volume | item	1.2
Average floor (dollar per unit)	56.61
Oil [Member] | Derivative Contract Period 2022 [Member]
Derivative [Line Items]
Volume | item	1.9
Average floor (dollar per unit)	53.39
Oil [Member] | Collar Options [Member] | Q3 2021 [Member]
Derivative [Line Items]
Volume | item	60,941
Average floor (dollar per unit)	52
Average cap (dollar per unit)	58.80
Fair Value | $	$ (840)
Oil [Member] | Collar Options [Member] | Q4 2021 [Member]
Derivative [Line Items]
Volume | item	60,251
Average floor (dollar per unit)	52
Average cap (dollar per unit)	58.80
Fair Value | $	$ (727)
Oil [Member] | Swap [Member] | Q3 2021 [Member]
Derivative [Line Items]
Volume | item	579,941
Average swap (dollar per unit)	57.15
Fair Value | $	$ (8,833)
Oil [Member] | Swap [Member] | Q4 2021 [Member]
Derivative [Line Items]
Volume | item	547,251
Average swap (dollar per unit)	57.06
Fair Value | $	$ (7,039)
Oil [Member] | Swap [Member] | Q1 2022 [Member]
Derivative [Line Items]
Volume | item	585,000
Average swap (dollar per unit)	56.34
Fair Value | $	$ (6,821)
Oil [Member] | Swap [Member] | Q2 2022 [Member]
Derivative [Line Items]
Volume | item	473,000
Average swap (dollar per unit)	52.92
Fair Value | $	$ (6,377)
Oil [Member] | Swap [Member] | Q3 2022 [Member]
Derivative [Line Items]
Volume | item	417,000
Average swap (dollar per unit)	51.27
Fair Value | $	$ (5,664)
Oil [Member] | Swap [Member] | Q4 2022 [Member]
Derivative [Line Items]
Volume | item	407,000
Average swap (dollar per unit)	51.86
Fair Value | $	$ (4,776)
Oil [Member] | Swap [Member] | Q1 2023 [Member]
Derivative [Line Items]
Volume | item	380,000
Average swap (dollar per unit)	53.15
Fair Value | $	$ (3,570)
Oil [Member] | Swap [Member] | Q2 2023 [Member]
Derivative [Line Items]
Volume | item	150,000
Average swap (dollar per unit)	58.43
Fair Value | $	$ (564)
Natural Gas [Member] | Derivative Contract Period 2021 [Member]
Derivative [Line Items]
Volume | item	8.2
Average floor (dollar per unit)	2.94
Natural Gas [Member] | Derivative Contract Period 2022 [Member]
Derivative [Line Items]
Volume | item	16.3
Average floor (dollar per unit)	2.78
Natural Gas [Member] | Collar Options [Member] | Q4 2021 [Member]
Derivative [Line Items]
Volume | item	400,000
Average floor (dollar per unit)	3
Average cap (dollar per unit)	3.41
Fair Value | $	$ (175)
Natural Gas [Member] | Collar Options [Member] | Q1 2022 [Member]
Derivative [Line Items]
Volume | item	510,000
Average floor (dollar per unit)	3
Average cap (dollar per unit)	3.41
Fair Value | $	$ (234)
Natural Gas [Member] | Collar Options [Member] | Q1 2023 [Member]
Derivative [Line Items]
Volume | item	550,000
Average floor (dollar per unit)	2.63
Average cap (dollar per unit)	3.01
Fair Value | $	$ (140)
Natural Gas [Member] | Swap [Member] | Q3 2021 [Member]
Derivative [Line Items]
Volume | item	3,140,000	725,000
Average swap (dollar per unit)	2.71	3.71
Fair Value | $	$ (2,898)
Natural Gas [Member] | Swap [Member] | Q4 2021 [Member]
Derivative [Line Items]
Volume | item	3,000,000	975,000
Average swap (dollar per unit)	2.63	3.71
Fair Value | $	$ (3,134)
Natural Gas [Member] | Swap [Member] | Q1 2022 [Member]
Derivative [Line Items]
Volume | item	3,090,000	900,000
Average swap (dollar per unit)	2.69	3.10
Fair Value | $	$ (3,037)
Natural Gas [Member] | Swap [Member] | Q2 2022 [Member]
Derivative [Line Items]
Volume | item	2,425,000	1,950,000
Average swap (dollar per unit)	2.51	3.10
Fair Value | $	$ (1,061)
Natural Gas [Member] | Swap [Member] | Q3 2022 [Member]
Derivative [Line Items]
Volume | item	2,300,000	1,350,000
Average swap (dollar per unit)	2.51	3.10
Fair Value | $	$ (1,058)
Natural Gas [Member] | Swap [Member] | Q4 2022 [Member]
Derivative [Line Items]
Volume | item	2,250,000	1,550,000
Average swap (dollar per unit)	2.65	3.10
Fair Value | $	$ (945)
Natural Gas [Member] | Swap [Member] | Q1 2023 [Member]
Derivative [Line Items]
Volume | item	1,500,000	1,350,000
Average swap (dollar per unit)	2.72	2.73
Fair Value | $	$ (776)
Natural Gas [Member] | Swap [Member] | Q2 2023 [Member]
Derivative [Line Items]
Volume | item		3,000,000
Average swap (dollar per unit)		2.73

Derivative Instruments - Fair V

Derivative Instruments - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities:
Total	$ (58,669)
Commodity Derivatives [Member]
Assets
Gross		$ 3,493
Total		3,493
Liabilities:
Gross	(58,669)	(2,965)
Total	$ (58,669)	$ (2,965)

Derivative Instruments - Operat

Derivative Instruments - Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	$ (6,380)	$ 11,394	$ (8,821)	$ 16,703
Non-cash mark-to-market gain (loss)	(47,100)	(20,198)	(60,740)	21,192
Gain (loss) on derivatives, net	(53,480)	(8,804)	(69,561)	37,895
Oil [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	(5,792)	8,461	(7,674)	11,258
Non-cash mark-to-market gain (loss)	(35,139)	(16,557)	(48,925)	24,170
Natural Gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	(588)	2,933	(1,147)	5,445
Non-cash mark-to-market gain (loss)	$ (11,961)	$ (3,641)	$ (11,815)	$ (2,978)

Stock Based Compensation - NonO

Stock Based Compensation - NonOptions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 14, 2021	Jun. 30, 2021	Jun. 30, 2020
Stock-based compensation
Shares available for grant		3,000,000
Increase in common stock authorized for grants (in shares)	11,500,000
Common stock authorized for grant (in shares)	24,000,000	12,500,000
Restricted Stock [Member]
Activity, shares
Granted (in shares)			152,248
Canceled/Forfeited (in shares)		(57,789)	(2,539)
Unvested shares outstanding		2,050,357
Activity, weighted average fair value
Granted (in dollars per share)		$ 3.72	$ 2.42
Activity, intrinsic value
Forfeited		$ 200	$ 10
Stock-based compensation
Vesting period			1 year
Value of issued stock		5,800	$ 400
Stock-based compensation expense		1,200	$ 400
Compensation expense not yet recognized		$ 6,300
Weighted-average vesting period to recognize compensation expense		2 years 7 months 6 days
Restricted Stock [Member] | Share-based Payment Arrangement, Nonemployee [Member]
Activity, shares
Granted (in shares)		54,825
Restricted Stock [Member] | Share-based Payment Arrangement, Employee [Member]
Activity, shares
Granted (in shares)		1,415,189
Stock-based compensation
Vesting period		3 years
Restricted Stock [Member] | Reorganizational Changes [Member]
Activity, shares
Granted (in shares)		80,142
Performance Stock Units [Member]
Activity, shares
Granted (in shares)		1,772,066	0
Canceled/Forfeited (in shares)		(16,334)	0
Unvested shares outstanding		4,718,977
Activity, weighted average fair value
Granted (in dollars per share)		$ 8.25
Stock-based compensation
Vesting period		3 years
Stock-based compensation expense		$ 3,300	$ 200
Compensation expense not yet recognized		$ 22,900
Weighted-average vesting period to recognize compensation expense		2 years 4 months 24 days
Target (as a percent)		100.00%
Performance Stock Units [Member] | Minimum [Member]
Stock-based compensation
Target (as a percent)		0.00%
Performance Stock Units [Member] | Maximum [Member]
Stock-based compensation
Target (as a percent)		300.00%
Maximum payout shares of common stock		14,156,931

Stock Based Compensation - Opti

Stock Based Compensation - Options (Details) - Employee Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Option roll forward
Stock options granted in period (in shares)	0	0
Exercise of stock options, shares	0	0
Expired / Forfeited (in shares)	(19,268)	(411)
Exercisable, end of year (in shares)	579
Stock-based compensation
Options exercise price, minimum (in dollars per share)	$ 35
Options exercise price, maximum (in dollars per share)	$ 38.98
Granted vested options, remaining contractual term	9 months 18 days
Excess tax benefit from exercise/cancellation of stock options	$ 0	$ 0

Leases - Balance sheet (Details

Leases - Balance sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Balance sheet information
Operating lease right of use asset	$ 3,206	$ 2,452
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Right-of-use lease assets	Right-of-use lease assets
Operating lease liability - current	$ (2,255)	$ (1,832)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Operating lease liability - long-term	$ (911)	$ (522)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease liabilities	Lease liabilities
Total operating lease liability	$ (3,166)	$ (2,354)
Financing lease right of use asset	$ 4,179	$ 2,996
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Right-of-use lease assets	Right-of-use lease assets
Financing lease liability - current	$ (1,364)	$ (940)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Financing lease liability - long-term	$ (2,894)	$ (2,102)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease liabilities	Lease liabilities
Total financing lease liability	$ (4,258)	$ (3,042)

Leases - Lease Terms and Discou

Leases - Lease Terms and Discount (Details)	Jun. 30, 2021	Dec. 31, 2020
Leases
Weighted Average Remaining Lease Terms-Operating leases	1 year 6 months 25 days	1 year 5 months 19 days
Weighted Average Remaining Lease Terms-Financing leases	3 years 1 month 17 days	3 years 2 months 26 days
Weighted Average Discount Rate: Operating leases	6.02%	5.72%
Weighted Average Discount Rate: Financing leases	5.85%	5.92%

Leases - Future Maturities (Det

Leases - Future Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Operating lease maturities
2021 (remaining after June 30, 2021)	$ 2,377
2022	710
2023	173
2024	69
Total operating lease liability	3,329
Less: imputed interest	(163)
Present value of lease liabilities	3,166	$ 2,354
Finance lease maturities
2021 (remaining after June 30, 2021)	1,576
2022	1,465
2023	1,112
2024	522
2025	2
Total financing lease liability	4,677
Less: imputed interest	(419)
Present value of lease liabilities	$ 4,258	$ 3,042

Leases - Costs (Details)

Leases - Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases
Operating lease cost	$ 1,043	$ 743	$ 1,900	$ 1,430
Financing lease cost - amortization of right-of-use assets	331	155	603	284
Financing lease cost - interest on lease liabilities	61	27	114	52
Administrative lease cost	17	19	36	38
Short-term lease cost	367	615	791	1,053
Total lease cost	$ 1,819	$ 1,559	3,444	2,857
Cash payments relating to operating leases			2,000	1,500
Cash payments relating to finance leases			$ 700	$ 300

Other Financial Information - B

Other Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts receivable:
Trade receivables	$ 47,580	$ 20,306
Receivable for Alta Resources distribution	1,712	1,712
Joint interest billings	18,915	15,637
Income taxes receivable		268
Other receivables		2,209
Allowance for doubtful accounts	(2,270)	(2,270)
Total accounts receivable	65,937	37,862
Prepaid Expenses
Prepaid insurance	5,475	2,825
Other	667	535
Total prepaid expenses	6,142	3,360
Accounts payable and accrued liabilities:
Royalties and revenue payable	38,755	23,701
Legal suspense related to revenues	30,718	27,983
Advances from partners	5,160	76
Accrued exploration and development	6,157	490
Trade payables	30,910	14,273
Accrued general and administrative expenses	5,407	6,191
Accrued operating expenses	6,777	5,755
Accrued operating and finance leases	3,618	2,772
Other accounts payable and accrued liabilities	5,025	2,729
Total accounts payable and accrued liabilities	$ 132,527	$ 83,970

Other Financial Information - C

Other Financial Information - Cash Flow (Details) - USD ($) $ in Thousands	Jan. 21, 2021	Jun. 30, 2021	Jun. 30, 2020
Cash payments:
Interest payments		$ 1,733	$ 2,006
Income tax payments		1,332	83
Non-cash investing activities in the consolidated statements of cash flows:
Increase (decrease) in accrued capital expenditures		$ 5,667	$ (7,095)
Mid-Con [Member]
Non-cash investing activities in the consolidated statements of cash flows:
Contango common stock to be issued to Mid-Con unitholders (in shares)	25,552,933

Investment in Exaro Energy II_2

Investment in Exaro Energy III LLC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments Financials
Gain (loss) from investment in affiliates (net of income taxes)	$ (804)	$ (173)	$ (804)	$ 113
Exaro Energy III LLC [Member]
Schedule of Equity Method Investments Financials
Equity method investment, ownership percentage	37.00%		37.00%
Share of equity in investment	$ 6,000		$ 6,000
Gain (loss) from investment in affiliates (net of income taxes)	(800)	(200)	(800)	100
Tax expense (benefit) from equity investment	$ 0	$ 0	$ 0	$ 0

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands	Aug. 06, 2021USD ($)	May 03, 2021USD ($)	Mar. 31, 2021USD ($)	Jan. 21, 2021USD ($)	Jun. 09, 2020USD ($)	Apr. 10, 2020USD ($)	Nov. 01, 2019USD ($)	Sep. 17, 2019USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	May 02, 2021	Jan. 20, 2021USD ($)
Debt Instrument [Line Items]
Debt issuance costs incurred												$ 2,526
Amortization of debt issuance costs												434	$ 1,372
Interest expense									$ 1,361		$ 2,151	2,558	3,365
PPP Loan [Member]
Debt Instrument [Line Items]
Original term of loan						2 years
Loan amount						$ 3,400
Stated interest rate (as a percent)						1.00%
PPP Loan [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt forgiven	$ 3,400
JPMorgan Chase Bank [Member]
Debt Instrument [Line Items]
Borrowing capacity		$ 250,000	$ 120,000	$ 130,000				$ 65,000							$ 75,000
Applicable margin rate increase (decrease) (as a percent)				0.25%
Periodic borrowing base reduction			$ 10,000	$ 10,000
Hedging requirement (as a percent)				75.00%
Current ratio, minimum		1
Leverage ratio, maximum		3.25												3.5
Credit facility amount outstanding									69,000	$ 9,000		69,000
Letters of credit amount outstanding									2,900	1,900		2,900
Line of credit, available									178,100			178,100
Debt issuance costs incurred		$ 1,600		$ 1,000	$ 0		$ 1,600	$ 1,800		$ 100
Original term of loan								5 years
Amortization of debt issuance costs												400	1,000
Remaining balance debt issue costs									3,900			3,900
Interest expense									$ 1,400		$ 2,200	$ 2,600	$ 3,400
Weighted average interest rate (as a percent)									3.50%	2.90%		3.50%
JPMorgan Chase Bank [Member] | 12 full calendar months
Debt Instrument [Line Items]
Hedging requirement (as a percent)		70.00%
JPMorgan Chase Bank [Member] | 13 through 24 months
Debt Instrument [Line Items]
Hedging requirement (as a percent)		50.00%

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Current tax provision (benefit)
Federal	$ (254)		$ (254)	$ 275
State	70	$ (7)	609	112
Total	(184)	(7)	355	387
Deferred tax provision:
State		376		376
Total		376		376
Total tax provision (benefit)
Federal	(254)		(254)	275
State	70	369	609	488
Total income tax provision: (benefit)	$ (184)	$ 369	$ 355	$ 763

Income Taxes - (Details)

Income Taxes - (Details) $ in Millions	Jun. 30, 2021USD ($)
Operating Loss Carryforwards [Line Items]
Annual carryover limitation	$ 0.7
Federal [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance	146.8
Operating loss carryforwards	402.7
State [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance	4.4
Operating loss carryforwards	$ 26.4

Commitments and Contingencies (

Commitments and Contingencies (Details) - Litigation Case Harris County [Member] - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Loss Contingency
Loss contingency provision accrual increase	$ 2.1
Accounts payable		$ 1.1

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Aug. 06, 2021USD ($)	Jul. 07, 2021USD ($)Bcfe	Apr. 10, 2020USD ($)
PPP Loan [Member]
Subsequent Events
Loan amount			$ 3.4
Subsequent Event [Member] | PPP Loan [Member]
Subsequent Events
Debt forgiven	$ 3.4
Subsequent Event [Member] | ConocoPhillips Gas Assets [Member]
Subsequent Events
Proved developed reserves (energy) | Bcfe		446
Oil and gas asset acquisition		$ 67