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Callon Petroleum Company Issues Guidance For Full Year 2010

Callon Petroleum Company (NYSE: CPE) is issuing guidance for the full year 2010, which includes confirmation of previously issued production guidance for the 12-month period. The guidance, found in the table below, is expressed in ranges for the detailed components.

 
Full Year 2010
Guidance Estimates
(In thousands, except per production unit amounts)
 
 

Guidance for

Full Year 2010

Estimated production volumes:
Natural gas (Bcf) 4.8 – 5.0
Crude oil (Mbo) 860 – 920
MMcfe/d 27 – 29
 
Lease operating expenses:
 
Cash $18,000 -- $20,000
Non-cash

--

Total $18,000 -- $20,000
 
General and administrative expenses:
 
Cash $ 11,400 -- $11,700
Non-cash 4,000 -- 4,800
Total $15,400 -- $16,500
 
 
Interest expense:
 
Cash $16,300 -- $16,700
Non-cash

(3,000) -- (3,100)

Total $13,300 -- $13,600
 
Medusa Spar LLC, net of tax $ 400 -- $ 450
 
DD & A – Per Mcfe $3.00 -- $ 3.05
 
Accretion expense $ 2,400 -- $ 2,500
 
Income tax rate 0%
 
Cash income tax rate 0%
 

The preceding guidance estimates contain assumptions that we believe are reasonable. These estimates are based on information that is available as of the date of this news release. We are not undertaking any obligation to update these estimates as conditions change or as additional information becomes available.

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