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Callon Petroleum reports show continued success

Published 12:15am Sunday, November 6, 2011

NATCHEZ — Callon Petroleum Company recently 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.

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.

“We continue to see meaningful results from the successful execution of our onshore initiative which resulted in year-over-year production growth of 23 percent in the third quarter,” Fred Callon, chairman and chief executive officer said. “Our deepwater offshore fields continue to deliver positive results with minimal reinvestment requirements, generating free cash flow for reinvestment into onshore growth opportunities.”