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3/8/2010 - CONTANGO SPUDS DUDE, ELOISE SOUTH PROSPECT
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Contango Oil & Gas Co. spud two exploration wells in the Gulf of Mexico. The company’s Dude prospect in Matagorda Island block 617 was spud in mid-February 2010. In addition, Contango has taken a farm-in on block Eugene Island 10 to drill a well on its Eloise South prospect. This well was spud March 2, 2010 and will test the Rob L sands seen in the company’s Eloise North well. The well is being drilled in a location so that upon depletion of our Eloise South well, the well bore will be completed up-hole and produce in the Cib-op sand as Dutch #5 well. The company has a 100% working interest (72% net revenue interest) in Dude, a 29.7% working interest (19% net revenue interest) in Eloise South, and a 47.0% working interest (37.6% net revenue interest) in Dutch #5.
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