Callon Petroleum Company (NYSE: CPE) today reported net income of $8.4 million, or $0.21 per fully diluted share, for the third quarter, and $32.4 million, or $0.85 per fully diluted share, for the nine-month period ended September 30, 2011. This compares with net income of $1.6 million, or $0.05 per fully diluted share, during the third quarter, and $7.7 million, or $0.26 per fully diluted share, for the nine-month period ended September 30, 2010.
Third Quarter and Nine-Month Highlights
- Increased crude oil revenues by 75%, or $11.4 million, to $26.5 million for the three months ended September 30, 2011, compared to revenues of $15.1 million for the same period of 2010.
- Increased natural gas revenues to $7.0 million for the three months ended September 30, 2011 which is an increase of 31%, or $1.6 million, as compared to gas revenues of $5.4 million for the same period of 2010.
- Increased average total production to 5,261 barrels of oil equivalent per day in the third quarter of 2011, representing an increase of 23% over the same period of 2010.
“We continue to see meaningful results from the successful execution of our onshore initiative which resulted in year-over-year production growth of 23% in the third quarter,” Fred Callon, Chairman and Chief Executive Officer, explains. “In particular, our aggressive development program in the Permian Basin continues to pay strong dividends. Since year-end 2010, we have increased net daily production from our Permian assets by 135% and have a multi-year inventory of potential drilling locations. Due to the attractive economics of this oil-biased asset, we’ve allocated additional resources and capital to the profitable exploitation of these drilling opportunities and increasing our average daily production of crude oil to 56% of Callon’s total production.”