Contango Oil & Gas Company reported operating results for the fourth quarter and full year ended December 31, 2019. Production for the fourth quarter was approximately 8.7 Bcfe, or 94.2 Mmcfe per day, compared to 3.7 Bcfe, or 39.8 Mmcfe per day for the fourth quarter of 2018. The properties acquired from White Star and Will Energy produced at an average rate of approximately 90.6 Mmcfe/d for November and December 2019, which contributed 60.0 Mmcfe/d to the fourth quarter of 2019.

For the full year, the company reported total oil and condensate volumes sold of 791 Mbbls compared to 569 Mbbls a year ago. Total Natural gas volumes sold was 9,523 Mmcf compared to 9,779 Mmcf a year ago. Total Natural gas liquids volumes sold was 612 Mbbls compared to 474 Mbbls a year ago. Total Natural gas equivalents was 17,940 Mmcfe compared to 16,039 Mmcfe a year ago.

The company provided operating guidance for the first quarter of 2020. For the quarter, the company expects production of 84,000 Mcfe per day to 114,000 Mcfe per day, LOE (including transportation and workovers) is in the range of $22.7 million to $26.7 million.

The company announced impairment for the fourth ended December 31, 2019. For the quarter, the company reported impairment of oil and gas properties of $124,718,000 compared to $26,989,000 a year ago.