Callon Petroleum Company Provides Operations Update
Callon Petroleum Company (NYSE: CPE) today provided an update on its onshore drilling activity, increase in reserves and management changes.
“We have made significant progress in growing onshore production and converting probable reserves into proved reserves, which is consistent with our strategic growth plan to reinvest cash flow generated from our offshore assets into onshore plays offering long-term growth potential with a balance between oil and natural gas production,” comments Fred Callon, Chairman and Chief Executive Officer. “Our development drilling program in the onshore Wolfberry oil play of the Permian Basin has resulted in a 43% increase in onshore oil production to date. With a drilling inventory of 125 remaining locations in the Wolfberry oil play, based on a 40-acre development plan, we have strong visible growth potential and we are actively pursuing complementary bolt-on acquisitions to build and solidify our position.” He notes further that “We successfully drilled and completed our first Haynesville shale well, which now holds our leasehold position in that play.”
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