Subsequent Events

3 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In October 2012, the Company paid approximately $33.9 million of the costs associated with its dry holes at Ship Shoal 134 and South Timbalier 75. An additional $4.3 million was paid in November 2012. Also, in October 2012, the Company paid the final $4.3 million owed to the BOEM for the six lease blocks acquired at the Central Gulf of Mexico Lease Sale 216/222.

In October 2012, the Company invested approximately $4.3 million to acquire acreage and a 25% working interest to drill its first horizontal well with Goodrich Petroleum Company ("Goodrich") in the Tuscaloosa Marine Shale. Goodrich will act as operator.

In October 2012, the Company purchased 97,496 shares of its common stock under the Company's $50 million share repurchase program, for approximately $5.0 million. As of November 1, 2012, under both share repurchase programs combined, the Company had purchased approximately 2.4 million shares of its common stock at an average cost per share of $46.84 and 45,000 stock options, for a total of approximately $110.8 million, bringing its total share count to 15,194,952 shares of common stock outstanding.

As of September 30, 2012, the Company had invested approximately $12.3 million in Alta Energy to drill in the Kaybob Duvernay shale in Alberta, Canada. In November 2012, we invested an additional $0.8 million, bringing the Company's total investment in Alta Energy to approximately $13.1 million. Contango has a 5% interest in the Kaybob Duvernay project.