Natchez, MS (August 10, 2000)- Callon Petroleum Company (NYSE: CPE / CPE.PrA) reported results of its operations today for both the quarter and the six-month period ended June 30, 2000.
Results for the three-month period ended June 30, 2000 include net income, before preferred stock dividends, of $3.2 million. After preferred dividends, the company reported net income of $0.21 per diluted share. This compares to net income, before preferred stock dividends, of $225,000 and, after preferred dividends, a loss of $0.04 per share on a diluted basis for the same period in 1999. Total revenues for the three-month period ended June 30, 2000 were $14.7 million compared to $9.0 million for the same period in 1999.
Operating results for the three-month period ended June 30, 2000 include oil and gas sales of $14.3 million from average production of 47.4 million cubic feet of natural gas equivalent per day (MMcfe/d). This corresponds to sales of $8.6 million from average daily production of 43.8 MMcfe/d during the same period in 1999. During the second quarter of 2000 natural gas represented approximately 90 percent of the company's total production. The average price received per thousand cubic feet of natural gas increased by 48 percent to $3.19 compared to $2.16 during the second three months in 1999, while the average price received per barrel of oil increased by 114 percent to $26.74 compared to $12.46 during the same period a year earlier.
For the six months ended June 30, 2000, the company reported net income, before preferred stock dividends, of $4.3 million. After preferred dividends, the company reported net income of $0.26 per diluted share. This compares to net income of $697,000 and, after preferred dividends, a loss of $0.08 per share on a diluted basis for the same period in 1999. Total revenues for the six-month period ended June 30, 2000 were $24.8 million compared to $17.4 million for the first six months in 1999.
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.
Callon Petroleum Company
Summary Revenues and Earnings
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
_______ _______
2000 1999 2000 1999
____ ____ ____ ____
Total revenues $ 14,716 $ 9,031 $ 24,834 $ 17,405
Net income $ 3,155 $ 225 $ 4,319 $ 697
Preferred stock dividends $ 552 $ 555 $ 1,105 $ 1,386
Net income (loss) available to
common shares $ 2,603 $ (330) $ 3,214 $ (689)
Net income (loss) per common share:
Basic $ 0.21 $ (0.04) $ 0.26 $ (0.08)
Diluted $ 0.21 $ (0.04) $ 0.26 $ (0.08)
Shares used in computing net
income (loss) per common share:
Basic 12,171 8,447 12,163 8,462
Diluted 12,398 8,447 12,376 8,462
For further information contact: Terry Trovato P.O. Box 1287 Natchez, MS 39121 (601) 442-1601terryt@callon.com