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30Th Annual Roth Conference Enhancing Value. Expanding the Opportunity. 30TH ANNUAL ROTH CONFERENCE March 12, 2018 PRIMARY CONTACTS Allan D. Keel Forward Looking Statements President, Chief Executive Officer and Director Certain statements included in this presentation are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Contango Oil & Gas Company (“Contango” or the “Company”) cautions that strategic plans, assumptions, expectations, objectives for future operations, drilling results, projections, intentions, or beliefs about future E. Joseph Grady events may, and often do, vary from actual results and the differences can be Senior Vice President and Chief Financial Officer material. Some of the key factors which could cause actual results to vary from those Contango expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and resource potential and forecasting drilling and production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the Investor Relations: capital markets generally, as well as the Company’s ability to access them, and uncertainties regarding environmental regulations or litigation and Email: [email protected] other legal or regulatory developments affecting Contango's business. Web Site: www.contango.com Statements regarding future production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. Please refer to our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the fiscal year ended December 31 2015, and subsequent filings for a further discussion of these risks. This presentation includes certain estimates of proved, probable and Company Headquarters possible reserves that have not been prepared in accordance with SEC pricing guidelines. Other estimates of hydrocarbon quantities included Contango Oil & Gas Company herein may not comport with specific definitions of reserves under SEC rules and cannot be disclosed in SEC filings. These estimates have been prepared 717 Texas Avenue, Suite 2900 by the Company and are by their nature more speculative than estimates of Houston, TX 77002 proved reserves and accordingly are subject to substantially greater risk of being actually realized by the Company. For more information about these estimates and the estimates of potential drilling locations, see “Hydrocarbon Quantities” and “Drilling Locations” included in this presentation. 2 WHO IS CONTANGO? A Houston, Texas based independent E&P company. Our primary producing properties are in Texas, Wyoming and the Gulf of Mexico Our 2018 focus will be on drilling in the Southern Delaware Basin Exchange/Ticker: NYSE Mkt: MCF (2) Market Capitalization (1): $75 million Muddy Sandstone; Jonah Field Enterprise Value (1): $160 million Production for 4Q:17 (2): 10.2 Mboe/d 36.7 MMBoe Proved Reserves (3) $290.8 MM PV-10 Southern Delaware Basin Woodbine, Eagle Ford EBITDAX (LTM 12/31/17): $35.1 million Eagle Ford, Buda, Conventional Offshore Gulf of Mexico (1) As of March 1, 2018. Includes 25.5 million shares outstanding and $85.4 MM of debt as of December 31, 2017 (2) Includes 4Q:17 production for our 37% equity investment in Exaro Energy III LLC (Jonah Field) (3) Strip pricing based on company estimates as of December 31, 2017 (Including Exaro Energy). 3 WHY INVEST IN CONTANGO? . Significant dependable cash flows Financially Positioned . Low leverage to Grow . Simple capital structure with ~ $28 million of revolver capacity at 12/31/17 . ~ 13,600 (6,800 net) mostly contiguous undeveloped gross operated acres Transformation Potential . Multi-stack play in Wolfcamp and Bone Springs, which creates ~ 40,800 “effective” gross in the Southern Delaware Basin operated acres, ~ 432 gross quantified locations in 2nd BS, WCA, andWCB . 17k net Eagle Ford / Eaglebine acres (Madison, Zavala and Karnes counties, TX) ‒ 198 locations Significant Additional . 35k net Muddy acres (Weston County, WY) Onshore Development Potential ‒ 232 locations . 12k net Woodbine acres (Madison and Grimes counties, TX) ‒ 46 locations . Seasoned, cohesive management team Experienced Management Team . Significant experience operating in both onshore and offshore exploration and development Conservative Capex . Net debt / adjusted EBITDAX of 2.4x at 12/31/2017 Strategy that also Provides for Growth . 2018 hedges provide a measure of downside price protection for capex program 4 PROVENPROVEN ASSET ASSET OVERVIEW PROFILE Gulf Coast and Rocky Mountain Operator 4Q:17 Production (Mboe/d) GoM Texas Exaro Other Gas NGL Oil Rocky Mountain Region (1) 1% 16% 15% Reserves: 5.2 MMboe PV-10: $26.0 MM 13% 4Q:17 Net Daily Prod: 1.7 Mboe/d 10.2 10.2 Acres: 44,267 28% 56% Upside: Muddy Sandstone, Jonah Field 72% South Texas Reserves: 4.3 MMboe PV-10: $40.3 MM 12/31/17 Proved Reserves (MMboe) 4Q:17 Net Daily Prod: 1.0 Mboe/d Acres: 40,836 SEC Pricing Strip Pricing (2) Permian Delaware Upside: Eagle Ford, Buda, Austin Chalk, GoM Onshore Exaro GoM Onshore Exaro Reserves: 9.3 MMboe Conventional PV-10: $59.0 MM 4Q:17 Daily Prod: 0.5 Mboe/d 14% 14% Gulf of Mexico Acres: 6,812 Reserves: 12.6 MMboe 34% 34% Upside: Wolfcamp, Bone Springs PV-10: $124.5 MM 36.7 36.7 4Q:17 Daily Prod: 5.7 Mboe/d Acres: 6,828; 100% PDP 52% 52% 12/31/17 Proved PV-10 ($millions) SEC Pricing Strip Pricing (2) GoM Onshore Exaro GoM Onshore Exaro Southeast and East Texas Reserves: 5.3 MMboe 9% 8% PV-10: $41.0 MM 4Q:17 Net Daily Prod: 1.3 Mboe/d (1) 44% 43% Acres: 20,724 Grand Total 290.8 Upside: Woodbine, Eagle Ford, Reserves: 36.7 MMboe 281.7 Georgetown PV-10: $290.8 MM 47% 49% 4Q:17 Net Daily Prod: 10.2 Mboe/d Acres: 119,467 (1) Includes our 37% equity investment in Exaro Energy III LLC, (2) Strip pricing based on company estimates as of December 31, 2017 (including Exaro Energy) 5 GROWTH POTENTIAL-NAV ESTIMATE Base Case Category ($/share) Comments Proved Developed Reserves (1) $8.08 PV-10 at NYMEX Strip pricing Proved Undeveloped Reserves (1) 2.17 Risked at 90% of PV-10 at NYMEX Strip pricing Exaro Equity Investment 0.81 Estimated Net Asset Value Total Proved 11.07 $301 Less: Net Obligations (2) (4.72) GOM Total Proved $6.35 vs. $2.95 stock price (3/1/18) Risked at 75% of estimated unproved PV-10 potential at NYMEX Southern Delaware Basin (3) 14.24 Strip pricing and 110% of costs Subtotal $20.59 Risked at 75% of estimated unproved PV-10 potential at NYMEX Other (1) 3.43 Strip pricing Preliminary Per Share Valuation $24.02 (1) Company estimates based on NYMEX Strip pricing as of 12/31/17. See the Disclaimer included in the Appendix to this presentation. (2) Net obligations include long-term debt and working capital deficit at 12/31/17. (3) Wolfcamp A only. 6 SOUTHERN DELAWARESOUTHERN BASIN DELAWARE BASIN RECENTRECENT RELEVANT RELEVANT AREA AREA ACQUISITION ACQUISITION ACTIVITY ACTIVITY Callon Diamondback Acq of Ameredev Acq of Luxe Metrics: 16,100 Acres Metrics: 19,000 Acres $32K/undeveloped acre $27K/undeveloped acre WARD D Centennial Res. Dev. Parsley Silver Run/Centennial Acq of Apache Metrics: 42,500 Acres Metrics: 5,200 Acres $31K/undeveloped acre $31K/undeveloped acre REEVES Noble Diamondback Acq of CWEI Acq of Brigham Metrics: 71,000 Acres Metrics: 76,000 Acres $30K/undeveloped acre $27K/undeveloped acre Oxy Halcon Acq of JCT/Patriot Acq of Samson Metrics: 35,000 Acres Metrics: 22,000 Acres $30K/undeveloped acre $30K/undeveloped acre Contango PECOS ~6,750 Net Acres 6 PDP, 1 Drilling, 1 Comp >400 Locations 7 SOUTHERN DELAWARE BASIN OPERATOR MAP SOUTHERN Contango Halcon Chevron Oxy Diamondback Parsley Concho BULLSEYEBULLSEYE RECENT 2018 BUDGET OFFSET W ACTIVITY 2017/2018 OFFSET ACTIVITY Contango Contango Contango Contango Halcon Oxy Ripper State1H Rude Ram 1H Gunner 2H Ragin Bull 3H Lindsey 1H Faraday 23 NE 2H IP30 884 Boepd (74%oil) IP30 1,065 Boepd (68%oil) IP30 1,163 Boepd (76%oil) IP30 1,070 Boepd (67%oil) IP30 974 Boepd (83%oil) IP30 811 Boepd (96%oil) 10,152’ LL 10,203’ LL 10,006’ LL 10,325’ LL 9,616’ LL 7,200’ LL Wolfcamp A Wolfcamp A 1 Wolfcamp A 2 Wolfcamp A 3 4 5 Wolfcamp A 6 Wolfcamp A Halcon Halcon Balbo Adrianna 1H 10 Josie Katie West IP30 1,261 Boepd (70%oil) IP20 1,071 Boepd (86%oil) 9,866’ LL 9,817’ LL 9 13 Wolfcamp B 7 Wolfcamp A Halcon Halcon 13 11 Balbo West Elliot 1H Ethyl Jesper 1H IP30 834 Boepd (61%oil) IP30 823 Boepd (79%oil) 9,866’ LL 9,402’ LL 14 Wolfcamp B 8 Wolfcamp A Halcon 14 Diamondback Hannah Johnny 1H Kelly State 1H IP30 715 Boepd (85%oil) 17 IP30 542 Boepd (96%oil) 6,892’ LL 4,469’ LL nd 15 Wolfcamp B 9 2 Bone Springs 16 8 15 4 Oxy 6 Diamondback MDJ Caldwell C 21NH 18 Kelly State 2H IP30 1,226 Boepd (75%oil) 1 7 IP30 898Boepd (91%oil) 10,080’ LL 2 3 4,724’ LL nd 16 Wolfcamp B 10 2 Bone Springs 5 Contango Halcon River Rattler 1H Belle Alexandra 2H Flowback IP30 733 Boepd (84%oil) a r 10,275’ LL WC A Drilled u 9,701’ LL a rd L Wolfcamp B e 3 Bone Springs WC B Drilled i 2 l 17 11 a e t i BS Drilled r a a N l WC A Drilling/Permit M l e n Contango o Black Mountain WC B Drilling/Permit w s x i a Ragin Bull 2H BS Drilling/Permit d Atticus 2H a M Frac 3/14/2018 M Completing 10,344’ LL ~5,000’ LL Wolfcamp B Contango 2nd Bone Springs 182 12 12 10 9 CONTANGOBULLSEYE RESULTS 2018 BUDGET Well Name IP 30 (Boed) River Rattler #2H & #3H Lonestar Gunfighter #1H (A) 846 (70% oil) River Rattler #1H Ripper State #1H (A) 884 (74% oil) 8 9 Rude Ram #1H
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