Natchez, MS (November 9, 2000)- Callon Petroleum Company (NYSE: CPE / CPE.PrA) reported results of its operations today for both the quarter and the nine-month period ended September 30, 2000.
Results for the three-month period ended September 30, 2000 include net income, before preferred stock dividends, of $4.3 million and $0.29 per diluted share. This compares to net income, before preferred stock dividends, of $1.1 million and $0.06 per share on a diluted basis for the same period in 1999. Total revenues for the three-month period ended September 30, 2000 were $16.4 million compared to $10.6 million for the same period in 1999.
Operating results for the three-month period ended September 30, 2000 include oil and gas sales of $16.0 million from average production of 46.6 million cubic feet of natural gas equivalent per day (MMcfe/d). This corresponds to sales of $10.2 million from average daily production of 48.7 MMcfe/d during the same period in 1999. During the third quarter of 2000 natural gas represented approximately 92 percent of the company's total production. The average price received per thousand cubic feet of natural gas increased by 57 percent to $3.63 compared to $2.31 during the third quarter in 1999, while the average price received per barrel of oil increased by 139 percent to $29.37 compared to $12.27 during the same period a year earlier.
For the nine months ended September 30, 2000, the company reported net income, before preferred stock dividends, of $8.6 million and $0.56 per diluted share. This compares to net income of $1.8 million and a loss of $0.02 per share on a diluted basis for the same period in 1999. Total revenues for the nine-month period ended September 30, 2000 were $41.3 million compared to $28.0 million for the first nine 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 Nine Months Ended
September 30 September 30
2000 1999 2000 1999
____ ____ ____ ____
Total revenues $ 16,422 $ 10,584 $ 41,256 $ 27,989
Net income $ 4,267 $ 1,055 $ 8,586 $ 1,752
Preferred stock dividends $ 553 $ 555 $ 1,658 $ 1,942
Net income (loss) available to
common shares $ 3,714 $ 500 $ 6,928 $ (190)
Net income (loss) per common share:
Basic $ 0.30 $ 0.06 $ 0.57 $ (0.02)
Diluted $ 0.29 $ 0.06 $ 0.56 $ (0.02)
Shares used in computing net income (loss)
per common share:
Basic 12,228 8,459 12,185 8,465
Diluted 14,968 8,567 12,476 8,465
For further information contact: Terry Trovato P.O. Box 1287 Natchez, MS 39121 (601) 442-1601terryt@callon.com