NATCHEZ — Despite the twin terrors of hurricanes Gustav and Ike, Natchez-based Callon Petroleum has begun drilling its first two wells at the Entrada oil field in the Gulf of Mexico.

“We are excited that the long anticipated drilling of the development wells at Entrada has commenced,” CEO Fred Callon said.

The Ocean Victory rig, which drilled the wells, was at sea during the hurricanes, but suffered very little damage, the company said in a news release.

The rig is expected to remain on the site for six months to drill the first two wells, which will ultimately be produced by a platform owned by ConocoPhillips.

In July, 13 miles of pipe was laid to connect the wells to the platform and the remaining connection work is planned for January.

While the drilling has started, actual oil production is not expected until the first quarter of 2009, but Callon has big expectations for the oil field.

“When Entrada begins producing next year, it is expected to more than double the company’s current daily production level,” according to a company news release.

The field has a proven reserve of 32 million barrels of oil, but there may be as much as 56 million barrels of oil under the 4,650 feet of water.

However, this good news has not made the company immune to the recent financial downtown.

The stock price closed at $19.22 Friday, down from a three-month high of $27.60.