Also, natural resources explorer Contango Oil & Gas Co. (MCF) slipped –11.37% after an earnings report that disappointed the Street. Specifically, the company’s first-quarter loss of $10 million was driven by $42 million in dry-hole (a well that produces no commercially viable oil and gas) costs from a Gulf of Mexico well. Investors focused heavily on that unfortunate news—which we see as an unlucky part of the business— rather than on the company’s otherwise solid numbers. We were quite encouraged that the company plans to shift its capital expenditures entirely onshore where dry-hole risks are much lower.
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