This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Callon Petroleum Company Reports Results For Fourth Quarter, Full Year 2010

Stocks in this article: CPE

Callon Petroleum Company (NYSE: CPE) today reported results of operations for both the three and 12-month periods ended December 31, 2010.

Highlights for 2010 include:

  • 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.

“Continued execution of the business strategy we adopted in late 2009 made 2010 a transformational year for Callon Petroleum Company,” Fred Callon, Chairman and Chief Executive Officer explains. “In the Permian Basin, we’ve instituted a two-rig continuous drilling program with a goal of drilling 43 net wells during 2011, and have recently signed a hydraulic fracturing contract which should mitigate completion delays and improve our ability to execute our plan. In less than two years, our new business strategy including property acquisitions and their development have resulted in the rapid growth of onshore oil and gas reserves and production. As a result of the investment community’s recognition of our progress, the price of our common shares increased 295% during 2010 from January 1 to December 31. In February of 2011, we approached the equity market to raise additional growth capital, and were encouraged by the positive response received by our equity offering. Our 2010 achievements create a strong foundation for continued operational success in 2011.”

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,065.00 +11.29 0.06%
S&P 500 2,092.61 +3.84 0.18%
NASDAQ 4,811.5380 +4.6790 0.10%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs