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Callon Petroleum Company Issues Guidance For Full Year 2011

Callon Petroleum Company (NYSE: CPE) is issuing guidance for the full year 2011, which includes confirmation of previously issued production guidance for the 12-month period. The guidance, found in the table below, is expressed in ranges for the detailed components.

 

Full Year 2011

Guidance Estimates

(In thousands, except per production unit amounts)

 
  Guidance for

Full Year 2011

Estimated production volumes:
Natural gas (Bcf)

5.2 – 5.4

Crude oil (Mbo) 995 – 1,070
Boe/d 5,100 – 5,400
 
Lease operating expenses:
 
Cash

$21,000 – $23,000

Non-cash

Total

$21,000 – $23,000

 
General and administrative expenses:
 
Cash

$ 11,200 – $11,700

Non-cash

4,000 5,000

Total

$ 15,200 – $16,700

 
 
Interest expense:
 
Cash

$13,600 – $15,000

Non-cash

(2,600) (3,000)

Total

$ 11,000 – $12,000

 
Medusa Spar LLC, net of tax

$ 800 – $ 900

 
DD & A – Per BOE

$ 24.50 – $ 27.00

 
Accretion expense

$ 2,300 – $ 2,500

 
Income tax rate 0%
 
Cash income tax rate 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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