Natchez, MS (February 23, 2000)-Callon Petroleum Company (NYSE: CPE/CPE.PrA) today reported the results of its operations for the year and three-month period ended December 31, 1999.
Operating results for the year ended December 31, 1999 include oil and gas sales of $37.1 million from average production of 45.4 million cubic feet of natural gas equivalent per day (MMcfe/d). This corresponds to sales of $35.6 million from average daily production of 43.5 MMcfe/d during 1998.
Total revenues for the 12-month period ended December 31, 1999 were $39.0 million compared to $37.7 million for the same period of 1998. For the 12 months ended December 31, 1999, the company reported net income of $2.6 million, or $0.01 per diluted share. At year-end 1998, the company reported a net loss of $30.8 million, or a $4.17 loss per diluted share, due primarily to a non-cash charge related to oil and gas property impairment.
Operating results for the three-month period ended December 31, 1999 include oil and gas sales of $10.4 million from average production of 45.8 MMcfe/d. This corresponds to sales of $6.7 million from average daily production of 34.9 MMcfe/d during the same period of 1998. The net income per diluted share for the three-month period of 1999 was $0.03 compared to a loss of $4.25 for the same period of 1998.
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.
This news release contains projections and other forward-looking statements 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.
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Callon Petroleum Company
Summary Revenues and Net Incomes
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31 December 31
1999 1998 1999 1998
____ ____ ____ ____
Revenues $ 11,004 $ 7,154 $ 38,993 $ 37,718
Net income (loss)* $ 875 $ (33,641) $ 2,627 $ (30,754)
Preferred stock dividends $ 555 $ 682 $ 2,497 $ 2,779
Net income (loss) available
to common shares* $ 320 $ (34,323) $ 130 $ (33,533)
Net income (loss) per
common share:
Basic $ 0.03 $ (4.25) $ 0.01 $ (4.17)
Diluted $ 0.03 $ (4.25) $ 0.01 $ (4.17)
Weighted average shares:
Basic 10,495 8,071 8,976 8,034
Diluted 10,663 8,071 9,075 8,034
*1998 amounts include after-tax, non-cash charges of $28.7 million for
an oil and gas property impairment and $4.3 million related to
accelerated vesting and retirement benefits.
For further information contact: Terry Trovato P.O. Box 1287 Natchez, MS 39121 (601) 442-1601terryt@callon.com