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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

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

(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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