Callon Petroleum (CPE)

[tr8dervic]

Q2 early est. based on new guidance.

Hedged:
2.1 bcf @ 8 = 16.8 mil
45 mbbls @ 55 = 2.5
Unhedged:
1.2 bcf @ 7 = 8.4
380 mbbls @ 60 = 22.8

Total revenues = 50.5 mil

Lease expense = 6.8
G&A = 2.3
DD&A = 16.0
Int exp = 3.8
Accretion = 1.5

Total expenses = 30.4

Pretax income = 20.1
Income tax = 7.0

Income berfore spar = 13.1
Spar income net of tax = .5

Net Income = $13.6 mil

Per share basic = .70
Diluted = .64

Basic shs = 19.4
Diluted = 21.3