Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Sellers Capital Master Fund, Ltd.
   2. Issuer Name and Ticker or Trading Symbol
CONTANGO OIL & GAS CO [MCF] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O M&C CORPORATE SERVICES, UGLAND HOUSE, S. CHURCH ST, PO BOX 309 GT		 3. Date of Earliest Transaction (Month/Day/Year)
03/13/2007
(Street)

GEORGE TOWN, GRAND CAYMAN, E9 CAYMAN		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Contango Oil & Gas Co. - Common (2) (3) 06/07/2007   P   300 A $ 33.21 1,726,947 D (1)  
Contango Oil & Gas Co. - Common 06/01/2007   S   4,600 D $ 34.36 1,726,647 D  
Contango Oil & Gas Co. - Common 05/24/2007   S   2,650 D $ 32.77 1,731,247 D  
Contango Oil & Gas Co. - Common 05/16/2007   P   1,900 A $ 34.22 1,733,897 D  
Contango Oil & Gas Co. - Common 05/15/2007   S   500 D $ 36.28 1,731,997 D  
Contango Oil & Gas Co. - Common 05/15/2007   P   100 A $ 36.32 1,732,497 D  
Contango Oil & Gas Co. - Common 05/14/2007   S   3,500 D $ 36.05 1,732,397 D  
Contango Oil & Gas Co. - Common 05/07/2007   S   69,780 D $ 30.43 1,735,897 D  
Contango Oil & Gas Co. - Common 05/01/2007   P   700 A $ 30.17 1,805,677 D  
Contango Oil & Gas Co. - Common 05/01/2007   S   700 D $ 29.8 1,804,977 D  
Contango Oil & Gas Co. - Common 04/30/2007   P   600 A $ 29.58 1,805,677 D  
Contango Oil & Gas Co. - Common 04/25/2007   P   100 A $ 30.71 1,805,077 D  
Contango Oil & Gas Co. - Common 04/23/2007   S   10,000 D $ 27.3 1,804,977 D  
Contango Oil & Gas Co. - Common 04/20/2007   P   300 A $ 27.56 1,814,977 D  
Contango Oil & Gas Co. - Common 04/18/2007   P   15,000 A $ 27.14 1,814,677 D  
Contango Oil & Gas Co. - Common 04/18/2007   P   20,000 A $ 28.01 1,799,677 D  
Contango Oil & Gas Co. - Common 04/17/2007   P   9,800 A $ 27.93 1,779,677 D  
Contango Oil & Gas Co. - Common 04/11/2007   P   98,032 A $ 28.51 1,769,877 D  
Contango Oil & Gas Co. - Common 04/10/2007   P   16,665 A $ 28.49 1,671,845 D  
Contango Oil & Gas Co. - Common 04/09/2007   P   3,000 A $ 29.22 1,655,180 D  
Contango Oil & Gas Co. - Common 04/05/2007   P   5,883 A $ 29.08 1,652,180 D  
Contango Oil & Gas Co. - Common 04/05/2007   S   5,883 D $ 29 1,646,297 D  
Contango Oil & Gas Co. - Common 04/04/2007   P   3,200 A $ 27.62 1,652,180 D  
Contango Oil & Gas Co. - Common 04/04/2007   S   100 D $ 24.8 1,648,980 D  
Contango Oil & Gas Co. - Common 04/03/2007   P   8,300 A $ 21.45 1,649,080 D  
Contango Oil & Gas Co. - Common 04/02/2007   P   680 A $ 21.43 1,640,780 D  
Contango Oil & Gas Co. - Common 03/30/2007   P   13,800 A $ 21.52 1,640,100 D  
Contango Oil & Gas Co. - Common 03/30/2007   P   13,400 A $ 21.58 1,626,300 D  
Contango Oil & Gas Co. - Common 03/29/2007   P   2,200 A $ 21.54 1,612,900 D  
Contango Oil & Gas Co. - Common 03/28/2007   P   1,900 A $ 21.44 1,610,700 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Sellers Capital Master Fund, Ltd.
C/O M&C CORPORATE SERVICES, UGLAND HOUSE
S. CHURCH ST, PO BOX 309 GT
GEORGE TOWN, GRAND CAYMAN, E9 CAYMAN		     X    
Sellers Mark A
SELLERS CAPITAL
161 N CLARK ST STE 4700
CHICAGO, IL 60601		       Managing Mbr, Sellers Capital
Sellers Capital LLC
161 N CLARK ST
STE 4700
CHICAGO, IL 60601		       Investment Mgr, SC Master Fund

Signatures

 Mark A Sellers   09/21/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Sellers Capital Master Fund, Ltd. is a privately offered collective investment vehicle. Sellers Capital LLC is the investment adviser to and has investment discretion over securities of the issuer held by Sellers Capital Master Fund, Ltd. and therefore may be considered an indirect beneficial owner of those securities. Mr. Sellers is the Managing Member of Sellers Capital LLC and therefore also may be considered an indirect beneficial owner of those securities. Sellers Capital LLC and Mr. Sellers each disclaim beneficial ownership of the securities except to the extent of their pecuniary interest therein.
(2) On March 6th, 2007, the number of shares beneficially owned, directly or indirectly, by the filing persons, pursuant to the definition of beneficial ownership set forth in Securities Exchange Act Rules 13d-3 and 16a-1(a)(1), exceeded 10 percent of the total shares outstanding of the class. However, due to an administrative oversight, Forms 4 were not filed with respect to the transactions set forth on this Form 4 filing.
(3) As the number of transactions reportable on Table 1 exceeds the number of lines available on the form, this is the third of four Form 4s to be filed.

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