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Contango Touts First Wolfcamp B Test IPs in Q1; Improves Drill Times

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Contango reported its Q1 2018 results.

Highlights:

- Q1 2018 production of 50 Mmcfe/d (down -13% YOY and down -3% from 4Q17)

• This expected year over year decline in equivalent production volumes is mitigated in part by the fact that the percentage of production from higher-value oil and natural gas liquids increased from 28% to 35%.

• As the year progresses, that percentage should continue to increase due to our oil-weighted drilling program.

Delaware Basin Ops

Our recent Southern Delaware Basin activity consists of the following:

River Rattler #1H

The River Rattler #1H (44% WI, 33% NRI), our first Wolfcamp B test, was spud in December 2017. Production began in March 2018 at an initial 24-hour max IP rate of 1,416 Boed (74% oil) and an initial 30-day rate of 1,225 Boed (74% oil), making it our best well to date from an IP perspective. River Rattler #1H have taken only 27 days from spud to TMD.

Ragin Bull #2H

The Ragin Bull #2H (49% WI, 37% NRI), our second Wolfcamp B test, was spud in January 2018. Production began in April 2018 at an initial 24-hour max IP rate of 805 Boed (68% oil). This well represents our fastest spud to total depth so far at 26.5 days.

Sidewinder #1H / Gunner #3H

The Sidewinder #1H (49% WI, 37% NRI), the first of two wells to be drilled from a common pad, was spud in March 2018. The Sidewinder was drilled into the Wolfcamp A horizon just south of the Rude Ram #1H Wolfcamp A completion, which has produced 155 MBoe in nine months.

The Gunner #3H well (47% WI, 35% NRI) was spud in April 2018 and was drilled to a total measured depth of 20,167 feet, including a 10,067 foot lateral. This well will be a Wolfcamp B test in the same unit as the Gunner #2H Wolfcamp A completion, which so far is our best producing well to date having produced approximately 130 MBoe in six months. Both wells from this pad are expected to begin completion operations via a zipper frac strategy in June 2018.