Published:
Callon Petroleum Company Completes Acquisition of West Texas Properties
NATCHEZ, Miss. - (BUSINESS WIRE) - Callon Petroleum Company (NYSE: CPE) today announced it has completed
the acquisition of interests in Wolfberry production and development
properties located in Crockett, Ector, Midland and Upton Counties,
Texas, from Ambrose Energy I, Ltd., a subsidiary of ExL Petroleum, LP.
The purchase price of $16.25 million is subject to standard industry
closing adjustments. The effective date of the sale is September 1, 2009.
The acquisition includes 1.6 million barrels of oil equivalent of proved
reserves, 23 wells producing 475 net barrels of oil equivalent per day,
4 uphole recompletion targets, 14 proved undeveloped locations and 142
non-proven, 40-acre drilling locations.
The company will operate substantially all of the production and
development.
Callon Petroleum Company is engaged in the acquisition, development,
exploration and operation of oil and gas properties primarily in the
Gulf Coast region. Callon's properties and operations are geographically
concentrated in Louisiana, Texas and the offshore waters of the Gulf of
Mexico.
It should be noted that this news release contains forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
statements include proved reserve estimates, future development
opportunities and expectations regarding closing of the transaction, and
reflect the company's current views with respect to future events. No
assurances can be given, however, that these events will occur and
actual results could differ materially from those projected as a result
of certain factors. Some of the factors which could affect our future
results and could cause results to differ materially from those
expressed in our forward-looking statements are discussed in our filings
with the Securities and Exchange Commission, including our Annual
Reports on Form 10-K, available on our website or the SEC's website at www.sec.gov.
Callon Petroleum Company
Rodger W. Smith, 1-800-451-1294
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