Natchez, MS (August 23, 2000) -- Callon Petroleum Company (NYSE: CPE/CPE.PrA), participating on its own and with partners, was the apparent high bidder on eight offshore tracts at Outer Continental Shelf (OCS) Lease Sale #177 conducted by the U.S. Department of the Interior's Minerals Management Service in New Orleans. Of the eight offshore tracts, six are located on the shelf and two are in the deepwater region of the Gulf of Mexico.
Deepwater tracts on which the company was the apparent high bidder include Garden Banks Block 653, bid jointly with Murphy Oil Corporation (NYSE: MUR), and Garden Banks Block 738, bid jointly with Vastar Resources, Inc. (NYSE: VRI). Callon participated for a 10 percent working interest in Garden Banks Block 653 and a 20 percent working interest in Garden Banks Block 738.
The six blocks located on the shelf and bid 100 percent by Callon include Galveston 271 and 284, Matagorda 710, North Padre Island 913, and Mustang Island 872 and 873.
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.
For further information contact: Terry Trovato P.O. Box 1287 Natchez, MS 39121 (601) 442-1601terryt@callon.com