May 6, 2010 / 10:27 PM / 7 years ago

UPDATE 1-Callon Petroleum Q1 beats view, sees flat Q2 production

* Q1 EPS $0.13 vs est $0.09

* Oper rev $23.4 mln vs est $22.7 mln

May 6 (Reuters) - Callon Petroleum Co’s (CPE.N) quarterly profit beat market estimates and the oil and gas company forecast a sequentially flat second-quarter production.

For the second quarter, the company sees production to come in the range of 25 million cubic feet of natural gas equivalent per day (mmcfe/d) to 28 mmcfe/d. Average production in the first quarter was 27.8 mmcfe/d.

Net income for the first quarter rose to $3.9 million, or 13 cents a share, from $2.4 million, or 11 cents a share a year ago.

Total operating revenue fell 6 percent to $23.4 million.

Analysts on average had expected the company to earn 9 cents on revenue of $22.7 million, according to Thomson Reuters I/B/E/S.

The average price received per barrel of oil, after the impact of hedging, rose 23 percent to $74.78.

Shares of the company closed $5.12 Thursday on the New York Stock Exchange. (Reporting by Krishna N. Das in Bangalore)

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