SC 13D/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 13D/A

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)*

Contango Oil & Gas Inc.

(Name of Issuer)

Common Stock, par value $0.04 per share

(Title of Class of Securities)

21075N204

(CUSIP Number)

Samuel S. Weiser

Sellers Capital LLC

311 S Wacker Dr., Ste 925

Chicago, IL 60606

(312) 775-1300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

June 4, 2009

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D/A, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box:  o.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP NO. 21075N204 Page 2 of 7

1 NAME OF REPORTING PERSONS Sellers Capital LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) (b) ý

3	SEC USE ONLY
4	SOURCE OF FUNDS (SEE INSTRUCTIONS)  WC
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
	PURSUANT TO ITEMS 2(d) or 2(e)                              ¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION Illinois

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER  0
	8	SHARED VOTING POWER  934,794
	9	SOLE DISPOSITIVE POWER  0
	10	SHARED DISPOSITIVE POWER  934,794

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  934,794

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  5.9% as of June 4, 2009 (based on 15,828,980 shares reported by the Issuer to be issued and outstanding as of April 30, 2009, per Form 10Q dated May 11, 2009).
14	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)  IA/OO

CUSIP NO. 21075N204 Page 3 of 7

1 NAME OF REPORTING PERSONS Sellers Capital Master Fund, Ltd.

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)	(a) (b)	ý
3	SEC USE ONLY

4 SOURCE OF FUNDS (SEE INSTRUCTIONS)  WC

5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)                           ¨

6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER  0
	8	SHARED VOTING POWER  934,794
	9	SOLE DISPOSITIVE POWER  0
	10	SHARED DISPOSITIVE POWER  934,794

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  934,794

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  5.9% as of June 4, 2009 (based on 15,828,980 shares reported by the Issuer to be issued and outstanding as of April 30, 2009, per Form 10Q dated May 11, 2009).
14	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)  IV

CUSIP NO. 21075N204 Page 4 of 7

This Amended Statement of Beneficial Ownership on Schedule 13D (“Amendment 5”) amends the Amended Statement of Beneficial Ownership on Schedule 13D filed on April 16, 2009 (“Amendment 4”), and all previous Statements of Beneficial Ownership on Schedule 13D filed in connection with the parties and matters referenced herein, with respect to the common stock, par value $0.04 (the “Shares”) of Contango Oil & Gas Inc., a Delaware corporation (the “Issuer”).  Any capitalized terms used and not defined in this Amendment 5 shall have the meanings set forth in Amendment 4, previous amendments and/or the original Schedule 13D to which this Amendment 5 relates.  Only those items that are hereby reported are amended; all other items remain unchanged.

Item 3.  Source and Amount of Funds or Other Consideration.

Not applicable.

Item 4.  Purpose of Transaction.

The Reporting Persons acquired the Shares for investment purposes in the ordinary course of business and have made the dispositions reflected in this Amendment 5 in the ordinary course of business.  As stated in Amendment 4 and previous amendments, the Reporting Persons maintain the right to engage in discussions with management and the Board of Directors of the Issuer concerning the business and the future plans of the Issuer generally, and with regard to strategies and potential transactions to maximize shareholder value.  The Reporting Persons intend to regularly review their investment in the Issuer.  Based on such review, as well as other factors (including, among other things, their evaluation of the Issuer’s business, prospects and financial condition, the market price for the Issuer’s securities, other opportunities available to them and general market, industry and economic conditions), the Reporting Persons and/or other persons affiliated with them, may, and reserve the right to, change their intentions, acquire additional securities of the Issuer, or sell some or all of their Shares, on the open market, in privately negotiated transactions or otherwise.  The Reporting Persons may formulate plans or proposals for, and may from time to time explore, or make proposals relating to, transactions or actions which relate to or would result in any of the matters specified in clauses (a) through (j) of Item 4 of Schedule 13D/A.

Item 5.  Interest in Securities of the Issuer.

(a) As of June 4, 2009, Sellers Capital Master Fund, Ltd. is the direct beneficial owner and Sellers Capital LLC is the indirect beneficial owner of 934,794 Shares, representing approximately 5.9 percent of the Issuer’s total outstanding Shares, based on 15,828,980 shares reported by the Issuer to be issued and outstanding as of April 30, 2009, in its most recent Form 10Q dated May 11, 2009.

(b) As of June 4, 2009, each of the Reporting Persons has shared power to vote or to direct the vote, and shared power to dispose or to direct the disposition of 934,794 Shares.

(c) The trade dates, number of Shares purchased or sold, and price per Share (exclusive of any commissions or transaction costs) for all transactions in Contango Shares by the Reporting Persons during the period beginning with the first transaction after the most recent transaction reported by the Reporting Persons on their most recent filing on Schedule 13D dated April 16, 2009, and ending on June 4, 2009, the date of the event giving rise to this filing, are set forth on Exhibit 99.2 hereto and are incorporated by reference herein.  All transactions set forth on Exhibit 99.2 were effected through one or more brokers in the ordinary course of the Reporting Persons’ business, in the open market on the American and/or other stock exchanges, or in over-the-counter transactions.  Except as set forth in Exhibit 99.2, none of the Reporting Persons has effected any transactions in the Shares since April 16, 2009, the date of the Reporting Persons’ most recent filing on Schedule 13D.

CUSIP NO. 21075N204 Page 5 of 7

(d) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of, Securities beneficially owned by the Reporting Persons.

(e) Not applicable.

Item 6. Contracts, Arrangements, Understandings, or Relationships With Respect to Securities of the Issuer.

None.

Item 7. Material to be Filed as Exhibits.

Exhibit 99.1 - Joint Filing Agreement.

Exhibit 99.2 – List of Transactions Required by Item 5(c).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: August 27, 2009

Sellers Capital LLC

By:	/s/ Samuel S. Weiser
Name:	Samuel S. Weiser
Title:	Chief Operating Officer
Sellers Capital Master Fund, Ltd.
By:	/s/ Samuel S. Weiser
Name:	Samuel S. Weiser
Title:	Chief Operating Officer, Sellers Capital
	LLC, Investment Manager

EX-99.1

CUSIP NO. 21075N204 Page 6 of 7

EXHIBIT 99.1 TO SCHEDULE 13D/A

August 27, 2009

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, SELLERS CAPITAL LLC, and SELLERS CAPITAL MASTER FUND, LTD. each hereby agree to the joint filing of this statement on Schedule 13D (including any and all amendments hereto).  In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13D. A copy of this Agreement shall be attached as an exhibit to the Statement on Schedule 13D filed on behalf of each of the parties hereto, to which this Agreement relates.

This Agreement may be executed in multiple counterparts, each of which shall constitute an original, one and the same instrument.

SELLERS CAPITAL LLC

By: /s/ Samuel S. Weiser

Name: Samuel S. Weiser

Title: Chief Operating Officer

SELLERS CAPITAL MASTER FUND, LTD.

By: /s/ Samuel S. Weiser

Name: Samuel S. Weiser

Title: Chief Operating Officer, Sellers Capital LLC, Investment Manager

EX-99.2

CUSIP NO. 21075N204 Page 7 of 7

EXHIBIT 99.2 TO SCHEDULE 13D/A

SCHEDULE A

The following schedule lists all transactions in shares of common stock of Contango Oil & Gas Inc. by the Reporting Persons during the period beginning with the first transaction after the most recent transaction reported by the Reporting Persons on their most recent filing on Schedule 13D dated April 16, 2009, and ending on June 4, 2009, the date of the event giving rise to this filing.  All of the transactions were effected through one or more brokers in the ordinary course of business, as principal, in the open market on the American and/or other stock exchanges, or in over-the-counter transactions.

Trade Date	Transaction Type	Quantity	Price*
4/8/2009	SALE	1800	38.5367
4/8/2009	SALE	1200	38.5367
4/9/2009	SALE	660	40.0491
4/9/2009	SALE	440	40.0491
4/27/2009	SALE	42780	36.7540
4/27/2009	SALE	28520	36.7540
4/28/2009	SALE	45000	36.3181
4/28/2009	SALE	30000	36.3181
6/4/2009	SALE	8400	48.1422
6/4/2009	SALE	5600	48.1422

*  Exclusive of any commissions or transaction costs.