Profile: Callon Petroleum Co (CPE.N)
18 Dec 2013
Callon Petroleum Company (Callon), incorporated in 1994, is engaged in the exploration, development, acquisition and production of oil and natural gas properties. The Company’s onshore properties include Permian Basin, Haynesville Shale, Gulf of Mexico Deepwater Properties and Gulf of Mexico Shelf and Other Properties. As of December 31, 2011, the Company's estimated net proved reserves totaled 15.9 million barrel of oil equivalent (MMBoe) and included 10.1 million barrels of oil (MMBbls) and 35.1 billion cubic feet (Bcf). During 2011, the Company’s Onshore proved reserves accounted for approximately 61% of proved reserves. Subsequent to December 31, 2011, the Company completed two acreage acquisitions in the northern Midland Basin in Borden County. During the year ended December 31, 2011, the Company sold its Mystic Bayou field, located in south Louisiana. In December 2013, the Company closed the sale of interests in the Medusa field, Medusa Spar, LLC and substantially all of its Gulf of Mexico shelf assets.
The Company's primary target in the southern Midland Basin area of the Permian Basin has been the Wolfberry play, which is located on the Company's properties in Crockett, Ector, Midland, and Upton counties, Texas. As of December 31, 2011, the Company owned approximately 9,540 net acres in the Permian Basin. As of December 31, 2011, approximately 48% of the Company's proved reserves were attributable to properties in the Permian Basin. Also as of December 31, 2011, its Permian Basin properties were producing 1,335 barrel of oil equivalent per day (Boe/d) from 65 wells, of which 31 were placed onto production during 2011.
Callon holds a 69% working interest in a 624 gross (430, net) acre portion of the Haynesville Shale natural gas unit located in southern Bossier Parish, Louisiana. As of December 31, 2011, the well has produced 2.1 Bcf, and the Company has an additional six gross (four, net) drilling locations on the acreage.
Gulf of Mexico Deepwater Properties
The Company's Medusa deepwater 1999 discovery, in which the Company owns a 15% working interest, is located in 2,235 feet of water approximately 50 miles offshore Louisiana. During 2011, the Medusa field produced 641 thousand barrel of oil equivalent (MBoe) net to Callon from eight wells, which accounted for 35% of the Company's total production. The Habanero field, in which the Company owns an 11.25% working interest, is located in 2,015 feet of water approximately 115 miles offshore Louisiana. During 2011, Habanero produced 197 MBoe net to Callon from two wells accounting for 11% of the Company's total production.
Gulf of Mexico Shelf and Other Properties
The Company owns interests in 18 producing wells in 11 oil and natural gas fields in the shelf area of the Gulf of Mexico. These wells produced 551 MBoe net to the Company's interest during 2011, which accounted for 30% of its total production.
Callon Petroleum Co
200 North Canal Street
NATCHEZ MS 39120