For
further information contact
Rodger
Smith, 1-800-451-1294
FOR IMMEDIATE
RELEASE
Callon Petroleum Company Issues
Guidance For Third Quarter, Full Year 2005
The guidance, found in the table below, is expressed in ranges
for the detailed components.
Third
Quarter and Full Year 2005
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Guidance Estimates |
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(In thousands, except per production unit amounts) |
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Guidance for 3rd
Quarter 2005 |
Guidance for Full Year 2005 |
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Estimated production volumes: |
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Natural gas
(Bcf) |
2.0 - 2.2 |
10.0 - 11.0 |
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Crude oil (Mbo) |
555 – 615 |
2,315 - 2,550 |
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MMcfe/d |
58 – 64 |
65 - 72 |
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Lease operating expenses: |
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Cash |
$ 6,000 - $ 6,700 |
$24,800 - $26,100 |
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Non-cash |
-- 1 |
-- 1 |
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Total |
$ 6,000 - $ 6,700 |
$24,800 - $26,100 |
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General and administrative expenses: |
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Cash |
$ 1,200 - $ 1,400 |
$ 4,800 - $ 5,400 |
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Non-cash |
450 - 550 |
2,800 - 3,000 |
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Total |
$ 1,650 - $ 1,950 |
$ 7,600 - $ 8,400 |
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Interest expense: |
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Cash |
$ 3,400 - $ 3,800 |
$14,800 - $15,500 |
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Non-cash |
500 - 600 |
2,000 - 2,200 |
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Total |
$ 3,900 - $
4,400 |
$16,800 - $17,700 |
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Medusa Spar LLC, net of tax |
$ 375 -
$ 425 |
$ 1,800 - $ 1,900 |
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DD & A – Oil and gas properties |
$12,400 - $13,700 |
$56,000 - $61,000 |
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Accretion expense |
$ 800 -
$ 900 |
$ 3,200 - $ 3,400 |
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Amortization of premiums on derivative contracts |
$ 350 - $
425 |
$ 1,500 - $ 1,600 |
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Income tax rate |
35% |
35% |
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Cash income tax rate |
0% |
0% |
Listed below are the outstanding hedges for
natural gas and crude oil by quarter for the remainder of 2005.
FOR THE QUARTER ENDED
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Natural Gas |
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Collars |
Volume (Mmcf) |
900 |
300 |
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Ceiling |
$
7.75 |
$
7.75 |
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Floor |
$
5.50 |
$
5.50 |
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Put |
Volume (Mmcf) |
1,470 |
690 |
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Floor Price |
$
5.00 |
$
5.00 |
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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) |
135 |
135 |
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Ceiling |
$
41.17 |
$
41.17 |
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Floor |
$
33.00 |
$
33.00 |
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Collars |
Volume (Mbo) |
91 |
91 |
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Ceiling |
$
51.98 |
$
51.98 |
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Floor |
$
40.00 |
$
40.00 |
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Put |
Volume (Mbo) |
21 |
21 |
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Floor Price |
$
35.00 |
$
35.00 |
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The preceding guidance estimates contain assumptions that we believe are reasonabl