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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-08-011083.txt : 20080215
<SEC-HEADER>0001181431-08-011083.hdr.sgml : 20080215
<ACCEPTANCE-DATETIME>20080215161027
ACCESSION NUMBER:		0001181431-08-011083
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080213
FILED AS OF DATE:		20080215
DATE AS OF CHANGE:		20080215

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BAUTINA LESIA
		CENTRAL INDEX KEY:			0001180566
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16317
		FILM NUMBER:		08622862

	BUSINESS ADDRESS:	
		STREET 1:		CONTANGO OIL & GAS COMPANY
		STREET 2:		3700 BUFFALO SPEEDWAY - STE 960
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77060

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONTANGO OIL & GAS CO
		CENTRAL INDEX KEY:			0001071993
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				954079863
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		3700 BUFFALO SPEEDWAY SUITE 960
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77098
		BUSINESS PHONE:		7139601901

	MAIL ADDRESS:	
		STREET 1:		3700 BUFFALO SPEEDWAY SUITE 960
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77098

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MGPX VENTURES INC
		DATE OF NAME CHANGE:	19981013
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd195603.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-02-13</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001071993</issuerCik>
        <issuerName>CONTANGO OIL &amp; GAS CO</issuerName>
        <issuerTradingSymbol>MCF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001180566</rptOwnerCik>
            <rptOwnerName>BAUTINA LESIA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3700 BUFFALO SPEEDWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 960</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77098</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Sr Vice President &amp; Controller</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.05</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-02-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>62.34</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-06-25</value>
            </exerciseDate>
            <expirationDate>
                <value>2008-06-25</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These options were cancelled by mutual agreement of the reporting person and Contango Oil &amp; Gas Company.  The reporting person recieved $3,117,000 as consideration for the cancellation.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Lesia Bautina</signatureName>
        <signatureDate>2008-02-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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