Contango Oil & Gas Company (MCF)

[Marche]

G&A is 31% of revenue, accts payable exceed total current assets, $80 million in debt, capital spending (with no positive results) exceed operating cash flow. Did these guys try to destroy equity value or was it an accident. Will now have to study change in market value of MCF compared to other E&P, my guess (subject to a real analysis) is that it is record breaking value destruction. Hello is anyone watching the ship here??? HBS classic study of value destruction here.