Exhibit 99.2

                       Contango Elects Board of Directors

    HOUSTON--(BUSINESS WIRE)--Nov. 18, 2005--Contango Oil & Gas
Company (AMEX:MCF) announced today that the following directors were
elected at today's annual meeting of stockholders:

    Kenneth R. Peak
    Jay D. Brehmer
    Darrell W. Williams
    Charles M. Reimer
    Steven L. Schoonover

    Kenneth R. Peak, Contango's Chairman and Chief Executive Officer
stated, "It is a distinct pleasure to welcome Charles Reimer and Steve
Schoonover to our board of directors. Charles is President of Freeport
LNG Development, L.P., with experience in exploration, production, and
liquefied natural gas, both domestically and abroad. Steve is Chairman
of CellXion, L.L.C., which specializes in site development, shelter
and tower construction and radio equipment integration for the
wireless telecommunications industry. Joseph S. Compofelice, who has
been a director since 2002 and has recently served as our audit
committee chairman, has retired. We would like to thank Joe for his
commitment and service. Jay Brehmer will serve as our new audit
committee chairman."
    Contango is a Houston-based, independent natural gas and oil
company. The Company's core business is to explore, develop, produce
and acquire natural gas and oil properties primarily offshore in the
Gulf of Mexico, the Fayetteville Shale in Arkansas, and onshore along
the Gulf Coast. The Company also owns a 10% interest in a limited
partnership formed to develop an LNG receiving terminal in Freeport,
Texas, and holds investments in companies focused on commercializing
environmentally preferred energy technologies. Additional information
can be found on our web page at www.contango.com.
    This press release contains forward-looking statements that
involve risks and uncertainties, and actual events or results may
differ materially from Contango's expectations. The statements reflect
Contango's current views with respect to future events that involve
risks and uncertainties, including those related to successful
negotiations with other parties, oil and gas exploration risks, price
volatility, production levels, closing of transactions, capital
availability, operational and other risks, uncertainties and factors
described from time to time in Contango's publicly available reports
filed with the Securities and Exchange Commission.


    CONTACT: Contango Oil & Gas Company, Houston
             Kenneth R. Peak, 713-960-1901
             www.contango.com