Contango Oil and Gas (MCF) reported in the company’s recent 10-K report that it has leased 25,000 acres prospective for the Tuscaloosa Marine Shale. The company spent $8.7 million or $348 per acre for the leasehold.

Contango Oil and Gas plans to watch other operators developing the Tuscaloosa Marine Shale prior to drilling its own exploratory wells and will only participate on non-operated wells with a small working interest. The filing was made with the Securities and Exchange Commission (SEC) on August 29, 2012.

Contango's recorded leases are in Concordia, Avoyelles, and W. Feliciana Parishes.