Contango Oil & Gas Company Investor Presentation — March 2021

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Company Overview – March 2021Cautionary Statements

2Certain statements included in this presentation are "forward-l ooking statements" under the Private Securities Litigation Refo rm Act of 1995. Forward-

looking statements are those statements that are not historical in nature and may be identified by words such as, but not limi ted to, "expect," “assume”,

“project”, “plan”, "outlook“, "intend“, "will“, “preview”, “pot ential”, “forecasted”, “estimate”, “illustrative”, and "could“. Contango Oil & Gas Company

(“Contango”, “MCF” or the “Company”) cautions that strategic pl ans, assumptions, expectations, objectives for future operation s, drilling results,

projections, intentions, or beliefs about future events may, an d often do, vary from actual results and the differences can be material. Some of the key

factors which could cause actual results to vary from those Con tango expects include risks related to the COVID-19 pandemic, c hanges in natural gas

and oil prices, the timing of planned capital expenditures, ava ilability of acquisitions, recently acquired oil and natural ga s properties not producing

anticipated benefits, uncertainties in estimating proved reserv es and resource potential and forecasting drilling and producti on results, operational

factors affecting the commencement or maintenance of producing wells, geological factors and actual oil decline rates, actions by lenders (including

borrowing base redeterminations), access to liquidity and compl iance with credit agreements, the condition of the capital mark ets generally, as well as

the Company’s ability to access them, and uncertainties regardi ng environmental regulations or litigation and other legal or r egulatory developments

affecting Contango's business. Statements regarding future prod uction and reserves are subject to all of the risks and uncerta inties normally incident to

the exploration for and development and production of oil and g as. Many of these factors are beyond the Company’s control. Sta tements are also

subject to risks that are unknown to the Company at this time. Please refer to our filings with the Securities and Exchange Co mmission (“SEC”),

including our most recent Annual Report on Form 10-K and subseq uent filings, for a further discussion of these risks.

This presentation includes certain estimates of proved reserves that hav e not been prepared in accordance with SEC guidelines, including potentia l

reserves and adjusted reserves. Other estimates of hydrocarbon quantiti es included herein may not comport with specific definitions of reserves u nder

SEC rules and cannot be disclosed in SEC filings. These estimates have been prepared by the Company and are by their nature more speculative than