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CPE - GREAT REPORT-- UPDATE 1-Callon Petroleum Q3 profit beats estimates

Wed Nov 2, 2011 6:07pm EDT

* Q3 EPS $0.21 vs est $0.15

* Total operating rev rose 39 pct

Nov 2 (Reuters) - Oil exploration company Callon Petroleum Co posted quarterly profit that beat analysts' estimates, helped by higher production, but cut its full-year crude oil production forecast.

Callon now expects full-year crude oil production of 995-1,070 million barrels of oil (Mbo), down from its 1,000-1,125 Mbo view earlier.

July-September earnings were $8.4 million, or 21 cents per share compared with $1.6 million, or 5 cents per share, a year ago.

Analysts, on average, expected the company to earn 15 cents on revenue of $33.3 million, according to Thomson Reuters I/B/E/S.

Average daily production for the third quarter rose 23 percent to 5,261 barrels of oil equivalent per day.

Total operating revenue rose 39 percent to $33.5 million.

Shares of the Natchez, Mississippi-based company closed at $4.83 on Wednesday on the New York Stock Exchange