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Callon Petroleum Company Issues Guidance For Second Quarter, Full Year 2011

Callon Petroleum Company (NYSE: CPE) is issuing guidance for the second quarter and full year 2011. The guidance, found in the table below, is expressed in ranges for the detailed components.
Second Quarter and Full Year 2011
Guidance Estimates
(In thousands, except per production unit amounts)
 

Guidance for
 

Guidance for

2 nd Quarter 2011

Full Year 2011
Estimated production volumes:
Natural gas (Bcf) 1.3 -- 1.4 4.8 – 5.4
Crude oil (Mbo) 250 – 270 1,000 – 1,125
Boe/d 5,100 – 5,500 4,900 – 5,500
 
Lease operating expenses:
 
Cash $ 5,000 -- $ 6,000 $21,000 -- $24,000
Non-cash -- --
Total $ 5,000 -- $ 6,000 $21,000 -- $24,000
 
General and administrative expenses:
 
Cash $ 2,600 -- $ 3,400 $ 10,200 -- $10,700
Non-cash 1,400 -- 1,600 5,000 -- 6,000
Total $ 4,000 -- $ 5,000 $15,200 -- $16,700
 
Interest expense:
 
Cash $ 3,100 -- $ 3,500 $13,600 -- $15,000
Non-cash (600) -- (700)

(2,600) -- (3,000)
Total $ 2,500 -- $ 2,800 $11,000 -- $12,000
 
Medusa Spar LLC, net of tax $ 100 -- $ 125 $ 300 -- $ 400
DD & A – per BOE $ 24.00 -- $ 24.50 $ 23.75 -- $24.75
Accretion expense $ 600 -- $ 650 $ 2,400 -- $ 2,600
Income tax rate 0% 0%
Cash income tax rate 0% 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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