Houston-based Contango Oil & Gas Co. reported net income for the year, which ended June 30, at $7.1 million (68 cents/share), compared with a loss of $4.9 million (minus 54 cents) for 2003. Natural gas and oil sales for the year were $27.6 million, down from $33.9 million a year earlier. After reflecting gains and losses from hedging activities, total revenues were $27.7 million, compared with last year’s $28.2 million. Total proved reserves as of June 30 were 15.6 Bcf and 297,000 bbl. “Our fiscal year 2004 onshore exploration program was a disappointment,” said CEO Kenneth Peak. “Although we participated in the drilling of 14 exploratory wells, eight of which were successful, we only found 1.7 Bcfe, far short of replacing our 5.0 Bcfe of fiscal year 2004 production. We expect to participate in five to seven onshore exploration wells over the next six to nine months.” Peak said current production is 15 MMBtue/d.

EnCana Corp. has begun a program to allow registered and beneficial shareholders who own 99 or less EnCana common shares as of Sept. 24, 2004, to sell their shares without incurring any brokerage commission. The sale of shares will be executed through the facilities of Toronto Stock Exchange. The voluntary program will expire on Dec. 17, 2004, unless extended. It is designed to assist eligible shareholders in selling their shares in a convenient and no-cost manner. Both registered holders and beneficial holders of shares held in nominee form are eligible to participate. EnCana has retained Georgeson Shareholder Communications Canada Inc. of Toronto to manage the program and to handle share transactions and payment. Questions regarding the program should be directed to Georgeson (888) 288-3298.

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