Good year-end reports from Callon Petroleum Company may not have a direct impact on local employment or economy, but in the long run the company’s good news is good for Natchez, said President and CEO Fred Callon.

On Thursday, Callon conducted the annual meeting of the company at the Natchez Convention Center, spending time explaining the impact a new acquisition may have on the company.

In April, Callon Petroleum acquired 100 percent interest in the Gulf of Mexico Entrada Field from BP Exploration and Production Company, adding substantially to the company’s assets.

“I spend a good bit of time on the road making investor presentations to institutional investors,” Fred Callon said. “Most people have never heard of Callon. I like to start by telling them that we have a strategic focus in the Gulf of Mexico. We’ve been there a long time.”

The company has been in Natchez a long time, too. It was founded in Natchez in 1950 by the late John Callon and his brother, Sim Callon, Fred Callon’s uncle and father, respectively.

The company, at 200 N. Canal St., has never moved its corporate offices from its hometown base. That stability and the experience represented in its employees are strengths of the company, Callon said.

That stability plays a part in company profits, leading to efficient management of costs.

The positive news at the annual meeting is important to Natchez.

“It is significant in terms of the growth and stability of the company over the next few years,” Fred Callon said.

The Entrada Field purchase, a milestone event for the company, “will assure growth,” he said.

“This is our first operation in deep water. We’ve been working closely with BP, and the transition is very smooth.”

Callon said he has surprised potential investors with information about the company’s deep-water operations.

“And it is unusual for a company our size to have partners like ours — some very large companies”

Some of the financial highlights presented at the meeting incude these:

4Revenues are up 29 percent over last year.

4Cash flow is up 83 percent.

4Net income is up 51 percent.

4Net income per share is up 48 percent.

4Total assets are up 17 percent.

4Stockholder equity is up 23 percent.

The numbers look good for the coming year, as well, with continued oil and gas production growth, he said.

During 2006, the company drilled 17 wells, with eight turning out to be successful.

The company continues its activity in the Gulf of Mexico Medusa Field and the Habanero Field and has a 3.3 percent ownership in the Bob North Prospect.

Other producing properties are in the West Cameron Block 295 and North Padre Island Block 913.

Callon said the company remains focused on the Gulf of Mexico and believes the future there is solid.

“We suggest that the Gulf of Mexico deserves another look. It is an area where leading technology is used,” he said.

“New technologies lend themselves to Gulf exploration. We find it’s a great place to be.”

Callon has 86 employees. The stock is traded on the New York Stock Exchange under the symbol “CPE.” The stock is now selling at about $14 a share.