SEC Form 4
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

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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1. Name and Address of Reporting Person*
Brehmer, Jay D.
(Last)                      (First)                      (Middle)
3700 Buffalo Speedway
Suite 960
(Street)
Houston,    TX   77098
(City)                      (State)                      (Zip)
2. Issuer Name
and Ticker or Trading Symbol

Contango Oil & Gas Company
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    (Month/Day/Year

01/31/2003

5. If Amendment,
    Date of Original
    (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X Director      10% Owner
   Officer (give title below)        Other (specify below)

Description          
7. Individual or Joint/Group
    Filing (Check Applicable Line)

X   Form filed by One Reporting Person
     Form filed by More than One Reporting Person

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. Owner-
    ship
    Form:
    Direct (D)
    or
    Indirect (I)

    (Instr. 4)
7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)
Code
V
Amount
A/D
Price

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. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    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(DE) and
    Expiration Date(ED)
    (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. Owner-
ship
Form of
Deriv-
ative
Securities:
Direct (D)
or
Indirect (I)

(Instr.4) 		11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)
Code
V
A
D
DE
ED
Title
Amount or Number of Shares
Stock Option (right to buy) $5.87 01/31/2003
P
2,500       
(1)
12/31/2005
Common Stock
2,500
$5.87
2,500
D
Stock option (right to buy) $5.25 01/31/2003
P
2,500       
(2)
03/31/2006
Common Stock
2,500
$5.25
2,500
D
Stock option (right to buy) $3.81 01/31/2003
P
2,500       
(3)
06/29/2006
Common Stock
2,500
$3.81
2,500
D
Stock option (right to buy) $2.70 01/31/2003
P
2,500       
(4)
09/30/2006
Common Stock
2,500
$2.70
2,500
D
Stock option (right to buy) $2.89 01/31/2003
P
2,500       
(5)
12/31/2006
Common Stock
2,500
$2.89
2,500
D
Stock option (right to buy) $3.46 01/31/2003
P
2,500       
(6)
03/31/2007
Common Stock
2,500
$3.46
2,500
D
Stock option (right to buy) $3.33 01/31/2003
P
2,500       
(7)
06/28/2007
Common Stock
2,500
$3.33
2,500
D
Stock option (right to buy) $3.00 01/31/2003
P
3,000       
(8)
10/10/2007
Common Stock
3,000
$3.00
3,000
D
Explanation of Responses:
 
Options were acquired by Reporting Person on 01/31/2003 in an arm's length transaction.

(1) Options vest in three equal annual installments from 12/31/00.
(1) Options vest in three equal annual installments from 03/31/01.
(1) Options vest in three equal annual installments from 06/29/01.
(1) Options vest in three equal annual installments from 09/30/01.
(1) Options vest in three equal annual installments from 12/31/01.
(1) Options vest in three equal annual installments from 03/31/02.
(1) Options vest in three equal annual installments from 06/28/02.
(1) Options vest in three equal annual installments from 10/10/02.
By: Date:
/s/ William H. Gibbons, Attorney-in-Fact for Jay D. Brehmer 01/31/2003
** Signature of Reporting Person
SEC 1474 (9-02)


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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