FORM 3


    UNITED STATES SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C.  20549


    INITIAL STATEMENT OF 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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1. Name and Address of Reporting Person*


    
Childers, Michael P.
    

    
(Last)                      (First)                      (Middle)


    
3700 Buffalo Speedway
    
Suite 960
    

    
(Street)
    
Houston,    TX   77098
    

    
(City)                      (State)                      (Zip)
    



    
2. Date of Event
Requiring Statement
    Month/Day/Year


    
11/08/2002
    

    
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
    






    
4. Issuer Name andTicker or Trading Symbol


    
Contango Oil & Gas Company

    

    	
	5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)


    
X Director  
       10% Owner
    
   Officer (give title below)    

       Other (specify below)
    

    
Description    
    
    


    

6. If Amendment,
    Date of Original
    (Month/Day/Year)


    



    
    
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 Beneficially Owned






    
1. Title of Security
    (Instr. 4)




    
2. Amount of Securities Beneficially Owned

    (Instr.4)


    
3. Ownership Form:
    Direct (D)
    or
    Indirect (I)

    (Instr. 5)



    
4. Nature of Indirect Beneficial Ownership

    (Instr. 5)






	

    
No securities owned





























     








    
Table II - Derivative Securities Beneficially Owned
    
(e.g., puts, calls, warrants, options, convertible securities)






    
1. Title of Derivative Security
    (Instr. 4)



    
2. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)
    





    
  DE     /     ED  



    
3. Title and Amount of
    Underlying Securities
    (Instr. 4)






Title     /         Amount or Number of Shares



    
4. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security



    5. Owner-
ship
Form of
Deriv-
ative
Security:
Direct (D)
or
Indirect (I)

(Instr.5)


    6. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.5)








No securities owned



    
 / 



 / 



$















   



Explanation of Responses: 




     








    
LIMITED POWER OF ATTORNEY
The undesigned, MICHAEL P. CHILDERS, hereby authorizes each of Kenneth R. Peak, William H. Gibbons and Lesia Bautina, as the undersign's attroney-in-fact, with full power of substitution, to execute in the name and on behalf of the undersign, and to file any and all Form 3s - Initial Statement of Beneficial Ownership of Securities, Form 4s - Statement of Changes of Beneficial Ownership of Securities and Form 5s - Annual Statement of Beneficial Ownership of Securities, required to be filed by the undersign with the Securities and Exchange Commission.
Executed this 29th day of October, 2002.
/s/ MICHAEL P. CHILDERS
Name: Michael P. Childers






    By: 
/s/ William H. Gibbons Attorney-in-Fact  for Michael P. Childers                                                                                                11/15/2002

** Signature of Reporting Person                                                                                    Date      




    

SEC 2270 (07/02)




    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.


Potential persons who are to respond to the collection of information contained in this form are not

required to respond unless the form displays a currently valid OMB Number.