Natchez, MS (October 27, 2000) - Callon Petroleum Company (NYSE: CPE/CPE.PrA) announced today that since June 30, 2000 the holders of 41 percent of its Series A $2.125 Convertible Exchangeable Preferred Stock ("Preferred Stock") have elected to convert their shares of Preferred Stock into the company's common stock.
In privately negotiated transactions the company and certain holders of the Preferred Stock agreed to the conversion of 428,100 shares of Preferred Stock into 997,926 shares of the company's common stock. Following the conversion of the Preferred Stock, the company had 13,300,868 shares of common stock outstanding and 612,361 shares of Preferred Stock (convertible into an additional 1,391,713 shares of common stock) outstanding.
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