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John Weatherly, CFO 1-800-451-1294
FOR IMMEDIATE RELEASE
Natchez, MS (May 28, 2003)-Callon Petroleum Company (NYSE: CPE/CPE.PrA) today announced that the production deck at the Medusa Field has been lifted onto the spar hull. First production from the Medusa Field is anticipated during the third quarter of 2003. The Medusa facility is located in the Gulf of Mexico Deepwater Region at Mississippi Canyon Block 582 in approximately 2,300 feet of water.
Callon owns a 15% working interest in the Medusa discovery.
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.