Summary of Significant Accounting Policies	6 Months Ended
Dec. 31, 2012
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The application of GAAP involves certain assumptions, judgments, decisions and estimates that affect reported amounts of assets, liabilities, revenues, expenses, contingencies and reserves. Actual results could differ from these estimates. Contango’s significant accounting policies are described below. Successful Efforts Method of Accounting. The Company follows the successful efforts method of accounting for its natural gas and oil activities. Under the successful efforts method, lease acquisition costs and all development costs are capitalized. Exploratory drilling costs are capitalized until the results are determined. If proved reserves are not discovered, the exploratory drilling costs are expensed. Other exploratory costs, such as seismic costs and other geological and geophysical expenses, are expensed as incurred. The provision for depreciation, depletion and amortization is based on the capitalized costs as determined above. Depreciation, depletion and amortization is calculated on a field by field basis using the unit of production method, with lease acquisition costs amortized over total proved reserves and other costs amortized over proved developed reserves. Impairment of Long-Lived Assets. When circumstances indicate that proved properties may be impaired, the Company compares expected undiscounted future net cash flows on a field by field basis to the unamortized capitalized cost of the asset. If the future undiscounted net cash flows based on the Company’s estimate of future natural gas and oil prices and operating costs and anticipated production from proved reserves, are lower than the unamortized capitalized cost, then the capitalized cost is reduced to fair market value. For the three months ended December 31, 2012, we recorded an impairment expense of approximately $5.7 million related to our Ship Shoal 263 well. For the six months ended December 31, 2012, we recorded an impairment expense of approximately $14.1 million related to proved properties. Of this amount, approximately $12.0 million related to our Ship Shoal 263 well and $2.1 million related to the Eugene Island 24 platform and other properties. Despite the writedowns on Ship Shoal 263, this well reached payout during fiscal year 2012. No impairment of proved properties was recognized in continuing operations for the three or six months ended December 31, 2011. Unproved properties are reviewed quarterly to determine if there has been impairment of the carrying value, with any such impairment charged to expense in the period. For the three and six months ended December 31, 2012, the Company recognized impairment expense of approximately $0.2 million and $1.4 million, respectively, related to an unsuccessful exploration program in Jim Hogg County, Texas. Additionally, for the six months ended December 31, 2012, the Company recognized impairment expenses of approximately $6.6 million related to leasehold costs at our dry holes at Ship Shoal 134 and South Timbalier 75. All these costs are included in total exploration expense, along with drilling, plugging and abandoning costs for Eagle and Fang. No impairment of unproved properties was recognized during the three or six months ended December 31, 2011. Cash Equivalents. Cash equivalents are considered to be highly liquid investment grade investments having an original maturity of 90 days or less. As of December 31, 2012, the Company had approximately $79.5 million in cash and cash equivalents, all of which was held in non-interest bearing accounts. Principles of Consolidation. The Company’s consolidated financial statements include the accounts of Contango Oil & Gas Company and its subsidiaries and affiliates, after elimination of all significant intercompany balances and transactions. Wholly-owned subsidiaries are consolidated. Exploration and development affiliates not wholly owned, such as 32.3% owned Republic Exploration, LLC (“REX”), are not controlled by the Company and are proportionately consolidated in the Company’s financial statements. Other Investments. The Company's 2.0% ownership interest in Alta Energy is accounted for using the cost method. The Company also has a 37% ownership interest in Exaro. The Company has two seats on the board of directors of Exaro, and has significant influence, but not control, over Exaro. As a result, the Company's 37% ownership in Exaro is accounted for using the equity method. The Company originally had a 45% ownership interest in Exaro upon its formation in April 2012. In August 2012, one of the other investors in Exaro exercised its right to assume $15 million of the Company's commitment by making a cash payment to the Company of $7.5 million and agreeing to assume $7.5 million of future commitment in Exaro. This lowered the Company's ownership interest to 37%. As of December 31, 2012, the Company had invested approximately $33.8 million in Exaro. Recent Accounting Pronouncements. In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). ASU 2011-11 requires that an entity disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU 2011-11 is effective for annual and interim periods beginning on or after January 1, 2013. We are currently evaluating the provisions of ASU 2011-11 and assessing the impact, if any, it may have on the disclosures in our financial statements. Reclassifications. Certain reclassifications have been made to the amounts included in the consolidated financial statements as of June 30, 2012 and for the three and six months ended December 31, 2011, in order to conform to the presentation as of and for the three and six months ended December 31, 2012. These reclassifications were not material.

Summary of Significant Accounting Policies

The application of GAAP involves certain assumptions, judgments, decisions and estimates that affect reported amounts of assets, liabilities, revenues, expenses, contingencies and reserves. Actual results could differ from these estimates. Contango’s significant accounting policies are described below.

Successful Efforts Method of Accounting. The Company follows the successful efforts method of accounting for its natural gas and oil activities. Under the successful efforts method, lease acquisition costs and all development costs are capitalized. Exploratory drilling costs are capitalized until the results are determined. If proved reserves are not discovered, the exploratory drilling costs are expensed. Other exploratory costs, such as seismic costs and other geological and geophysical expenses, are expensed as incurred. The provision for depreciation, depletion and amortization is based on the capitalized costs as determined above. Depreciation, depletion and amortization is calculated on a field by field basis using the unit of production method, with lease acquisition costs amortized over total proved reserves and other costs amortized over proved developed reserves.

Impairment of Long-Lived Assets. When circumstances indicate that proved properties may be impaired, the Company compares expected undiscounted future net cash flows on a field by field basis to the unamortized capitalized cost of the asset. If the future undiscounted net cash flows based on the Company’s estimate of future natural gas and oil prices and operating costs and anticipated production from proved reserves, are lower than the unamortized capitalized cost, then the capitalized cost is reduced to fair market value. For the three months ended December 31, 2012, we recorded an impairment expense of approximately $5.7 million related to our Ship Shoal 263 well. For the six months ended December 31, 2012, we recorded an impairment expense of approximately $14.1 million related to proved properties. Of this amount, approximately $12.0 million related to our Ship Shoal 263 well and $2.1 million related to the Eugene Island 24 platform and other properties. Despite the writedowns on Ship Shoal 263, this well reached payout during fiscal year 2012. No impairment of proved properties was recognized in continuing operations for the three or six months ended December 31, 2011.

Unproved properties are reviewed quarterly to determine if there has been impairment of the carrying value, with any such impairment charged to expense in the period. For the three and six months ended December 31, 2012, the Company recognized impairment expense of approximately $0.2 million and $1.4 million, respectively, related to an unsuccessful exploration program in Jim Hogg County, Texas. Additionally, for the six months ended December 31, 2012, the Company recognized impairment expenses of approximately $6.6 million related to leasehold costs at our dry holes at Ship Shoal 134 and South Timbalier 75. All these costs are included in total exploration expense, along with drilling, plugging and abandoning costs for Eagle and Fang. No impairment of unproved properties was recognized during the three or six months ended December 31, 2011.

Cash Equivalents. Cash equivalents are considered to be highly liquid investment grade investments having an original maturity of 90 days or less. As of December 31, 2012, the Company had approximately $79.5 million in cash and cash equivalents, all of which was held in non-interest bearing accounts.

Principles of Consolidation. The Company’s consolidated financial statements include the accounts of Contango Oil & Gas Company and its subsidiaries and affiliates, after elimination of all significant intercompany balances and transactions. Wholly-owned subsidiaries are consolidated. Exploration and development affiliates not wholly owned, such as 32.3% owned Republic Exploration, LLC (“REX”), are not controlled by the Company and are proportionately consolidated in the Company’s financial statements.

Other Investments. The Company's 2.0% ownership interest in Alta Energy is accounted for using the cost method. The Company also has a 37% ownership interest in Exaro. The Company has two seats on the board of directors of Exaro, and has significant influence, but not control, over Exaro. As a result, the Company's 37% ownership in Exaro is accounted for using the equity method.

The Company originally had a 45% ownership interest in Exaro upon its formation in April 2012. In August 2012, one of the other investors in Exaro exercised its right to assume $15 million of the Company's commitment by making a cash payment to the Company of $7.5 million and agreeing to assume $7.5 million of future commitment in Exaro. This lowered the Company's ownership interest to 37%. As of December 31, 2012, the Company had invested approximately $33.8 million in Exaro.

Recent Accounting Pronouncements. In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). ASU 2011-11 requires that an entity disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU 2011-11 is effective for annual and interim periods beginning on or after January 1, 2013. We are currently evaluating the provisions of ASU 2011-11 and assessing the impact, if any, it may have on the disclosures in our financial statements.

Reclassifications. Certain reclassifications have been made to the amounts included in the consolidated financial statements as of June 30, 2012 and for the three and six months ended December 31, 2011, in order to conform to the presentation as of and for the three and six months ended December 31, 2012. These reclassifications were not material.