Callon Petroleum Company Completes Acquisition of West Texas Properties CPE.N
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
