- Increased proved reserves to 13.6 million barrels of oil equivalent as of December 31, 2010, a 41% increase, and the PV-10 value, a non-GAAP financial measure, using SEC pricing, increased by 50% to $206 million. (See “Non-GAAP Financial Measures” for a reconciliation of PV-10 value to the standardized measure value of $198.9 million.)
- Grew the percentage of proved reserves associated with onshore assets to 50%, up from 0% at year-end 2008. Proved reserves at December 31, 2010 are 49% proved, developed/producing and proved/developed/non-producing, and are 60% crude oil and 40% natural gas.
- Drilled 20 gross oil wells in the Permian Basin of West Texas, 11 were completed and producing at year-end and 9 were awaiting fracture stimulation, which increased our Permian net production to 550 barrels of oil equivalent per day at the end of 2010 – a 69% increase over the 2009 year-end production rate.
- Drilled and completed the company’s first well in the Haynesville Shale play in northern Louisiana. This successful well now holds all of Callon’s acreage in the play by production, with six additional drilling locations, four net wells, in inventory awaiting more favorable natural gas prices.
Callon Petroleum Company Reports Results For Fourth Quarter, Full Year 2010
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