Natchez, MS (January 10, 2000)--Callon Petroleum Company ( NYSE:CPE/CPE.PrA) reported that its South Marsh Island Block 261 OCS-G 16337 well, which blewout on January 2nd, has ceased flowing natural gas and, consequently, the fire/flare is out. This occurred at 3:54 p.m. last Thursday, January 6th, and the well has remained dormant since that time. Since the well flowed only natural gas, no pollution was present.
On Saturday, January 8th, drilling fluid was pumped into the well as part of the well control procedures. Everything went as planned, with no drilling fluid returns being emitted from the well casing.
The well should be plugged with cement within the next several days.
Callon Petroleum Company has been engaged in the exploration, development, acquisition and operation of oil and gas properties in the Gulf Coast region since 1950.
For further information contact: Terry Trovato P.O. Box 1287 Natchez, MS 39121 (601) 442-1601terryt@callon.com