First Quarter 2011 Operating Results. Operating results for the three months ended March 31, 2011 include oil and gas sales of $25.4 million from average production of approximately 4,713 barrels of oil equivalent per day (Boe/d), which was within the company’s published guidance range of 4,700 to 5,000 Boe/d. For the same period of 2010, sales were $23.4 million from average production of 4,636 Boe/d. For the quarter ended March 31, 2011, the average price received per barrel of oil (Bbl), after the impact of hedging, increased 25% to $93.78, compared to $74.78 during the same period of 2010. Partially offsetting the increases in oil prices, during the first quarter of 2011, the average price received per thousand cubic feet of natural gas (Mcf), after the impact of hedging, decreased 14% to $4.95 from $5.76 for the same period of 2010.“In the first quarter, we successfully continued our accelerated drilling program in the Permian Basin,” Fred Callon, Chairman and CEO of Callon Petroleum points out, “and we are pleased with our fracture stimulation agreement with Halliburton which has secured access to completion services and improve our operational efficiency and execution. Importantly, our existing leasehold position provides us a significant drilling inventory providing long-term growth potential.”
Callon Petroleum Company Reports Improved Results Of Operations For First Quarter 2011
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