SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Sellers Capital Master Fund, Ltd.
(Last) (First) (Middle)
C/O M&C CORPORATE SERVICES, UGLAND HOUSE
S. CHURCH ST, PO BOX 309 GT
(Street)
GEORGE TOWN, GRAND CAYMAN E9 CAYMAN
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CONTANGO OIL & GAS CO [ MCF ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
03/13/2007
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Contango Oil & Gas Co. - Common(2)(3) 03/27/2007 P 800 A $21.39 1,608,800 D(1)
Contango Oil & Gas Co. - Common 03/26/2007 P 1,000 A $21.58 1,608,000 D
Contango Oil & Gas Co. - Common 03/19/2007 P 200 A $20.19 1,607,000 D
Contango Oil & Gas Co. - Common 03/16/2007 P 1,100 A $20.16 1,606,800 D
Contango Oil & Gas Co. - Common 03/15/2007 P 600 A $19.94 1,605,700 D
Contango Oil & Gas Co. - Common 03/14/2007 P 1,400 A $19.73 1,605,100 D
Contango Oil & Gas Co. - Common 03/13/2007 P 1,700 A $19.86 1,603,700 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Sellers Capital Master Fund, Ltd.
(Last) (First) (Middle)
C/O M&C CORPORATE SERVICES, UGLAND HOUSE
S. CHURCH ST, PO BOX 309 GT
(Street)
GEORGE TOWN, GRAND CAYMAN E9 CAYMAN
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Sellers Mark A
(Last) (First) (Middle)
SELLERS CAPITAL
161 N CLARK ST STE 4700
(Street)
CHICAGO IL 60601
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
Managing Mbr, Sellers Capital
1. Name and Address of Reporting Person*
Sellers Capital LLC
(Last) (First) (Middle)
161 N CLARK ST
STE 4700
(Street)
CHICAGO IL 60601
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director 10% Owner
Officer (give title below) X Other (specify below)
Investment Mgr, SC Master Fund
Explanation of Responses:
1. Sellers Capital Master Fund, Ltd. is a privately offered collective investment vehicle. Sellers Capital LLC is the investment adviser to and has investment discretion over securities of the issuer held by Sellers Capital Master Fund, Ltd. and therefore may be considered an indirect beneficial owner of those securities. Mr. Sellers is the Managing Member of Sellers Capital LLC and therefore also may be considered an indirect beneficial owner of those securities. Sellers Capital LLC and Mr. Sellers each disclaim beneficial ownership of the securities except to the extent of their pecuniary interest therein.
2. On March 6th, 2007, the number of shares beneficially owned, directly or indirectly, by the filing persons, pursuant to the definition of beneficial ownership set forth in Securities Exchange Act Rules 13d-3 and 16a-1(a)(1), exceeded 10 percent of the total shares outstanding of the class. However, due to an administrative oversight, Forms 4 were not filed with respect to the transactions set forth on this Form 4 filing.
3. As the number of transactions reportable on Table 1 exceeds the number of lines available on the form, this is the fourth of four Form 4s to be filed.
Mark A Sellers 09/21/2007
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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