Natchez, MS (April 27, 2000)--Callon Petroleum Company ( NYSE: CPE / CPE.PrA) reported today that an exploratory well testing the Entrada Prospect on Garden Banks Block 782 in the Gulf of Mexico encountered over 360 net feet of pay in four intervals. Callon began deepwater exploratory drilling in 1998 and this is its fourth deepwater discovery.
The Garden Banks Block 782 #1 exploratory well, located in 4,642 feet of water, was drilled to a true vertical depth of 15,717 feet. Each pay zone was encountered at the predicted depth and generally met or exceeded the anticipated thickness. The rig Ocean Victory will stay on location to conduct subsequent appraisal drilling at Entrada that will target several additional shallow and deep objectives that could not be penetrated from the initial wellbore location.
Callon owns a 20 percent working interest in the Entrada Prospect on Garden Banks Block 782 as well as in adjacent blocks 826 and 827 and nearby block 785. Vastar Resources, Inc. (NYSE: VRI) holds an 80 percent working interest in these same blocks and serves as operator.
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