Southern Ute Tribe invests in Contango Oil & Gas

Contango Oil & Gas Co. on Friday announced that the Southern Ute Indian Tribe Growth Fund has invested $2.5 million in Contango, purchasing 2.5 million shares of the company's common stock at $1.00/share. Houston-based Contango also has granted the fund a 90-day option to purchase an additional 2.5 million shares at the same price. In addition, the fund agreed to purchase nearly 20% of Contango's oil and gas projects and proved properties.

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