Filing Details

Accession Number:
0001181431-10-029298
Form Type:
4
Zero Holdings:
No
Publication Time:
2010-05-25 13:00:00
Reporting Period:
2010-05-21
Filing Date:
2010-05-25
Accepted Time:
2010-05-25 17:08:14
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
1071993 Contango Oil & Gas Co MCF Crude Petroleum & Natural Gas (1311) 954079863
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1096757 M Charles Reimer 3700 Buffalo Speedway, Suite 960
Houston TX 77098
Yes No No No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Common Stock Disposition 2010-05-21 22,225 $50.00 128,480 No 4 S Direct
Common Stock Disposition 2010-05-24 22,540 $49.30 105,940 No 4 S Direct
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 S Direct
No 4 S Direct
Reported Derivative Transactions
Sec. Name Sec. Type Acquisiton - Disposition Date Amount Price Amount - 2 Price - 2
Common Stock Forward Sale Contract (Obligation to Sell) Disposition 2010-05-21 25,000 $0.00 22,225 $0.00
Common Stock Forward Sale Contract (Obligation to Sell) Disposition 2010-05-24 25,000 $0.00 22,540 $0.00
Remaning Holdings Exercise Date Expiration Date Equity Swap Involved Transaction Form Type Transaction Code Nature of Ownership
75,000 2010-05-21 2010-05-21 No 4 J Direct
50,000 2010-05-24 2010-05-24 No 4 J Direct
Footnotes
  1. On May 19, 2009, the reporting person entered into a prepaid variable forward sale contract with an unaffiliated third party buyer. The contract obligates the reporting person to deliver to the buyer up to 100,000 shares of MCF common stock (or, at the reporting person's election, an equivalent amount of cash based on the market price of MCF common stock at that time) on the maturity date of the contract (May 21, 24, 25, 26, 2010). In exchange for assuming this obligation, the reporting person received a cash payment of $3,875,081.26 as of the date of entering into the contract. The reporting person pledged 100,000 shares of MCF common stock (the "Pledged Shares") to secure his obligation under the contract, and retained dividend and voting rights in the Pledged Shares during the term of the pledge. The number of shares of MCF common stock to be delivered to the buyer on the maturity date is to be determined as explained in Footnote 2.
  2. The number of shares of MCF common stock to be delivered to the buyer on the maturity date is to be determined as follows: (a) if the average of the closing price of MCF common stock on the 20 days immediately preceeding the maturity date (the "Settlement Price") is less than or equal to $44.45 (the "Initial Share Price"), the reporting person will deliver to the buyer all of the Pledged Shares; (b) if the Settlement Price is between the Initial Price and $57.78 (the "Cap Price"), the reporting person will deliver to the buyer a number of shares of MCF common stock having a value (based on the then market price) equal to $4,444,920; and (c) if the Settlement Price is greater than the Cap Price, the reporting person will retain a number of shares of MCF common stock having a value (based on the then market price) equal to $1,333,480, and will deliver to the buyer the balance of the 100,000 shares of MCF common stock.