Natchez, MS (March 30, 2000) -- Callon Petroleum Company (NYSE: CPE/CPE.PrA), participating with partners, was the apparent high bidder on four offshore tracts at Outer Continental Shelf (OCS) Lease Sale #178 conducted by the U.S. Department of the Interior's Minerals Management Service in New Orleans. All are located in the Shelf region of the Gulf of Mexico.
Shelf tracts on which the company was the apparent high bidder include Ship Shoal Block 35 and West Cameron Block 212, bid jointly with Range Resources Corporation (NYSE: RRC) and Cheyenne Petroleum Company; and East Cameron Blocks 90 and 94, bid jointly with Cheyenne Petroleum Company. Callon participated for a 50 percent working interest in Ship Shoal Block 35, a 58.4 percent working interest in West Cameron Block 212, and a 65.8 percent working interest in East Cameron Blocks 90 and 94.
Bids are subject to approval by the Minerals Management Service.
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.
For further information contact: Terry Trovato P.O. Box 1287 Natchez, MS 39121 (601) 442-1601terryt@callon.com