For further information contact
Rodger W. Smith 1-800-451-1294
FOR IMMEDIATE RELEASE
Callon Petroleum Company Issues Guidance For
First Quarter, Full-Year 2006
First
Quarter and Full-Year 2006
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Guidance Estimates |
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(In thousands, except per production unit amounts) |
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Guidance for 1st
Quarter 2006 |
Guidance for Full-Year 2006 |
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Estimated production volumes: |
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Natural gas
(Bcf) |
1.8 – 1.9 |
15.0 – 16.0 |
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Crude oil (Mbo) |
490 - 520 |
1,735 - 1,880 |
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MMcfe/d |
53 - 56 |
70 - 75 |
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Lease operating expenses: |
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Cash |
$5,400 - $6,000 |
$28,700 - $31,700 |
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Non-cash |
00000-0000000 |
__0000 --00000 |
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Total |
$5,400 - $6,000 |
$28,700 - $31,700 |
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General and administrative expenses: |
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Cash |
$1,700 - $1,900 |
$ 7,200 - $ 7,900 |
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Non-cash |
150 - 200 |
1,500 -
1,650 |
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Total |
$1,850 - $2,100 |
$ 8,700 - $ 9,550 |
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Interest expense: |
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Cash |
$3,475 - $3,850 |
$13,800 - $15,200 |
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Non-cash |
500 - 550 |
2,000 - 2,300 |
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Total |
$3,975 - $4,400 |
$15,800 - $17,500 |
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Medusa Spar LLC, net of tax |
$525 - $550 |
$1,750 - $1,970 |
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DD & A – Oil and gas properties |
$12,300 - $13,000 |
$65,000 - $70,000 |
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Accretion expense |
$950 - $1,050 |
$3,800 - $4,200 |
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Amortization of premiums on derivative contracts |
$85 - $95 |
$140 - $160 |
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Accrual income tax rate |
35% |
35% |
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Cash income tax rate |
0% |
0% |
The preceding guidance estimates contain assumptions that we believe are reasonable. These estimates are based on 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.
Listed below are the outstanding hedges for
natural gas and crude oil by quarter for 2006.
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For the Quarter Ended |
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3/31/06 |
6/30/06 |
9/30/06 |
12/31/06 |
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Natural Gas |
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Collars |
Volume (Mmcf) |
900 |
-- |
-- |
-- |
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Ceiling |
$15.70 |
-- |
-- |
-- |
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Floor |
$
9.67 |
-- |
-- |
-- |
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Collars |
Volume (Mmcf) |
-- |
300 |
300 |
-- |
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Ceiling |
-- |
$10.40 |
$10.30 |
-- |
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Floor |
-- |
$ 8.00 |
$ 8.00 |
-- |
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Collars |
Volume (Mmcf) |
-- |
1,800 |
1,800 |
1,800 |
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Ceiling |
-- |
$ 9.30 |
$ 9.30 |
$ 9.30 |
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Floor |
-- |
$ 8.00 |
$ 8.00 |
$ 8.00 |
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Crude Oil |
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Swaps |
Volume (Mbo) |
45 |
45 |
-- |
-- |
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Strike Price |
$55.00 |
$55.00 |
-- |
-- |
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Collars |
Volume (Mbo) |
90 |
90 |
90 |
90 |
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Ceiling |
$77.10 |
$77.10 |
$77.10 |
$77.10 |
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Floor |
$60.00 |
$60.00 |
$60.00 |
$60.00 |
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Collars |
Volume (Mbo) |
-- |
90 |
90 |
90 |
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Ceiling |
-- |
$81.75 |
$81.75 |
$81.75 |
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Floor |
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