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Callon Petroleum Company : Callon Petroleum Company Issues Guidance For First Quarter, Full Year 2013

Callon Petroleum Company : Callon Petroleum Company Issues Guidance For First
                           Quarter, Full Year 2013

Natchez, MS (March14, 2013) - Callon Petroleum Company (NYSE: CPE) is issuing
guidance for the first quarter and full year 2013. The guidance, found in the
table below, is expressed in ranges for the detailed components.

The following  guidance  estimates contain  assumptions  that we  believe  are 
reasonable. These estimates are based  upon 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.

                                       First Quarter and Full Year 2013
                                              Guidance Estimates
                                 ($ amounts in millions, except per production
                                                 unit amounts)
                                     Guidance for             Guidance for
                                   1st Quarter 2013          Full Year 2013
Total production (Boe/d)            3,400 - 3,600             3,800 - 4,200
Permian (Boe/d)                     1,500 - 1,650             2,000 - 2,300
% Oil                                    65%                       65%
Lease operating expenses               $4 - $6                  $22 - $24
Severance tax                             $1                     $3 - $4
General and administrative
expenses:
Cash                                   $4 - $5                  $14 - $16
Non-cash                                  $1                     $4 - $6
Interest expense:
Cash                                      $3                    $9 - $12
Non-cash                                 $(1)                  $(2) - $(3)
DD&A - per Boe                     $36.00 - $37.00           $35.00 - $38.00
Accretion expense                         $1                     $2 - $3

Listed below are the outstanding hedges for crude oil and natural gas per
quarter for 2013 and 2014.

        Crude Oil          1Q - 2013  2Q - 2013  3Q - 2013  4Q - 2013
Collars     Volume (Mbo)         40          -          -          -
            Ceiling        $ 116.00   $      -   $      -   $      -
            Floor            90.00         -         -          -
Swap        Volume (Mbo)         80        120        120        120
            Price          $ 101.30   $ 101.30   $ 101.30   $ 101.30
                           1Q - 2014  2Q - 2014  3Q - 2014  4Q - 2014
Swap        Volume (Mbo)         90         91         92         92
            Price          $  93.35   $  93.35   $  93.35   $  93.35
Put Option  Volume (Mbo)         90         91         92         92
            Price          $  70.00   $  70.00   $  70.00   $  70.00
       Natural Gas         1Q - 2013  2Q - 2013  3Q - 2013  4Q - 2013
Swap        Volume (Bbtu)       270        273        276        276
            Price          $   3.52   $   3.52   $   3.52   $   3.52
Put Option  Volume (Bbtu)       270        273        276        276
            Price          $   3.00   $   3.00   $   3.00   $   3.00
                           1Q - 2014  2Q - 2014  3Q - 2014  4Q - 2014
Call Option Volume (Bbtu)       113        114        115        115
            Price          $   4.75   $   4.75   $   4.75   $   4.75

Callon  Petroleum  Company  is   engaged  in  the  acquisition,   development, 
exploration and operation of  oil and gas properties  in Texas, Louisiana  and 
the offshore waters of the Gulf of Mexico.

This news release  is posted on  the Company's website  at www.callon.com  and 
will be archived  there for subsequent  review. It can  be accessed from  the 
"News Releases" link at the top of the homepage.

This news release  contains projections and  other forward-looking  statements 
(including statements about 2013  financial and operating performance)  within 
the meaning of Section 27A  of the Securities Act of  1933 and Section 21E  of 
the Securities Exchange Act of 1934. These projections and statements reflect
the company's  current  views with  respect  to future  events  and  financial 
performance. No  assurances can  be given,  however, that  these events  will 
occur or that  these projections  will be  achieved and  actual results  could 
differ materially from those projected as  a result of certain factors.  Some 
of the factors which could affect  our future results and could cause  results 
to differ materially  from those expressed  in our forward-looking  statements 
include:

  ogeneral economic and industry conditions;
  ovolatility of oil and natural gas prices;
  ouncertainty of estimates of oil and natural gas reserves;
  oimpact of competition;
  oavailability and cost of seismic, drilling and other equipment;
  ooperating hazards inherent in the exploration for and production of oil
    and natural gas;
  odifficulties encountered during the exploration for and production of oil
    and natural gas;
  odifficulties encountered in delivering oil and natural gas to commercial
    markets;
  ochanges in customer demand and producers' supply;
  ouncertainty of our ability to attract capital;
  ocompliance with, or the effect of changes in, the extensive governmental
    regulations regarding the oil and natural gas business;
  oactions of operators of our oil and gas properties;
  oweather conditions; and
  othe risk factors discussed in our filings with the Securities and Exchange
    Commission, including but not limited to those in our Annual Report for
    the year ended December 31, 2012 on Form 10-K.

The preceding estimates reflect our review of continuing operations only.
These estimates do not take into account any material transactions such as
sales of debt and equity securities, acquisitions or divestitures of assets,
and formations of joint ventures. We continually review these types of
transactions and may engage in one or more of these types of transactions
without prior notice.

For further information contact
Rodger W. Smith 1-800-451-1294

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The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
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(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Callon Petroleum Company via Thomson Reuters ONE
HUG#1685483
 
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