- Completed a public equity offering of common stock which resulted in net proceeds to the company of $73.8 million. The proceeds will partially fund an expanded onshore drilling program in the Permian Basin and has funded the redemption of a portion of our Senior Notes due 2016.
- Reduced the Company’s long term debt outstanding by approximately 22% following the redemption of $31 million face value of Senior Notes, which will reduce 2011 cash interest expense by approximately $3.2 million and $4.0 million for each additional full year through the Notes maturity in 2016.
- Named a new Vice President and General Manager - Permian Basin Operations and continued to add to our experienced staff to implement and enhance our operational and financial objectives related to our new onshore strategy.
Callon Petroleum Company (NYSE: CPE) today reported net income of $4.2 million, or $0.12 per diluted share, for the quarter ended March 31, 2011, and compares to net income of $3.9 million or $0.13 per diluted share for the same quarter in 2010. Highlights of meaningful events thus far in 2011 include: