For further information contact
John S. Weatherly, CFO 1-800-451-1294
FOR
IMMEDIATE RELEASE
Callon
Petroleum Company Announces
Medusa Field Has Commenced Production
Natchez, MS
(December 1, 2003) -- Callon Petroleum Company (NYSE: CPE/CPE.PrA) announced today production commenced from its Medusa Field, located in
Mississippi Canyon Blocks 538 and 582, on November 24, 2003. Currently, the A-1 well is producing at a
test rate of 10,000 barrels of oil and 12.2 million cubic feet of natural gas
per day.
The Medusa development is located in 2,200 feet of
water and consists of a spar facility capable of handling 40,000 barrels of
crude oil and 110 million cubic feet of natural gas a day. Murphy Oil Corporation (NYSE:
Callon Petroleum Company has been engaged in the
exploration, development, acquisition and operation of oil and gas properties
in the
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.
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