Callon Petroleum Company Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Supplemental Oil and Natural Gas Reserve Data (unaudited) (Tables)

Supplemental Oil and Natural Gas Reserve Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Supplemental Oil and Natural Gas Reserve Data [Abstract]

Capitalized Costs Relating to Oil and Natural Gas Activities

The following table discloses certain financial data relating to the Company’s oil and natural gas activities, all of which are located in the United States.



	For the Year Ended December 31,
	2014		2013		2012
Evaluated Properties
Beginning of period balance	$	1,701,577	$	1,497,010	$	1,421,640
Capitalized G&A		10,071		10,014		12,148
Property acquisition costs (a)		94,541		10,885		2,075
Exploration costs		118,251		147,164		22,703
Development costs		153,545		36,504		38,444
End of period balance	$	2,077,985	$	1,701,577	$	1,497,010
Unevaluated Properties
Beginning of period balance	$	43,222	$	68,776	$	2,603
Property acquisition costs (a)		128,342		2,259		29,590
Exploration costs		11,177		10,767		34,674
Capitalized interest		4,295		4,410		2,109
Transfers to evaluated		(44,511)		(42,990)		(200)
End of period balance	$	142,525	$	43,222	$	68,776
Accumulated depreciation, depletion and amortization
Beginning of period balance	$	1,420,612	$	1,296,265	$	1,208,331
Provision charged to expense		56,663		42,251		48,524
Sale of mineral interests		1,080		82,096		39,410
End of period balance	$	1,478,355	$	1,420,612	$	1,296,265

(a)

For more information on acquisitions refer to Note 3

Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities


	Reserve Quantities
	For the Year Ended December 31,
	2014	2013	2012
Proved developed and undeveloped reserves:
Oil (MBbls):
Beginning of period	11,898	10,780	10,075
Revisions to previous estimates	(243)	(2,540)	(488)
Purchase of reserves in place	3,223	150	38
Sale of reserves in place	-	(3,294)	(504)
Extensions and discoveries	12,547	7,713	2,636
Production	(1,692)	(911)	(977)
End of period	25,733	11,898	10,780
Natural Gas (MMcf):
Beginning of period	17,751	19,753	35,118
Revisions to previous estimates	(215)	(5,351)	(10,838)
Purchase of reserves in place	8,591	317	115
Sale of reserves in place	-	(4,576)	(4,404)
Extensions and discoveries	18,641	10,619	3,350
Production	(2,220)	(3,011)	(3,588)
End of period	42,548	17,751	19,753


Proved developed reserves:
Oil (MBbls):
Beginning of period	5,960	4,955	5,069
End of period	14,006	5,960	4,955
Natural gas (MMcf):
Beginning of period	9,059	10,680	11,605
End of period	25,171	9,059	10,680
MBOE:
Beginning of period	7,470	6,735	7,003
End of period	18,201	7,470	6,735
Proved undeveloped reserves:
Oil (MBbls):
Beginning of period	5,938	5,825	5,006
End of period	11,727	5,938	5,825
Natural gas (MMcf):
Beginning of period	8,692	9,073	23,513
End of period	17,377	8,692	9,073
MBOE:
Beginning of period	7,387	7,337	8,925
End of period	14,623	7,387	7,337

Oil and Gas Net Production, Average Sales Price and Average Production Costs Disclosure



		2014		2013		2012
Average 12-month price, net of differentials, per Mcf of natural gas	$	6.38	$	5.45	$	4.81
Average 12-month price, net of differentials, per barrel of oil	$	86.30	$	92.16	$	94.68

Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure



	Standardized Measure
	For the Year Ended December 31,
	2014		2013		2012
Future cash inflows	$	2,492,178	$	1,193,299	$	1,115,570
Future costs
Production		(873,469)		(357,005)		(249,329)
Development and net abandonment		(288,081)		(155,667)		(273,817)
Future net inflows before income taxes		1,330,628		680,627		592,424
Future income taxes		(164,490)		(68,239)		(55,772)
Future net cash flows		1,166,138		612,388		536,652
10% discount factor		(586,596)		(328,442)		(305,504)
Standardized measure of discounted future net cash flows	$	579,542	$	283,946	$	231,148



	Changes in Standardized Measure
	For the Year Ended December 31,
	2014		2013		2012
Standardized measure at the beginning of the period	$	283,946	$	231,148		270,357
Sales and transfers, net of production costs		(120,518)		(78,661)		(84,044)
Net change in sales and transfer prices, net of production costs		(156,066)		(46,088)		47,261
Net change due to purchases and sales of in place reserves		111,331		(145,711)		(35,665)
Extensions, discoveries, and improved recovery, net of future production and development costs incurred		299,192		212,431		53,446
Changes in future development cost		186,605		153,983		39,815
Revisions of quantity estimates		(7,673)		(68,958)		(77,322)
Accretion of discount		30,114		25,010		30,989
Net change in income taxes		(32,940)		1,751		13,969
Changes in production rates, timing and other		(14,449)		(959)		(27,658)
Aggregate change		295,596		52,798		(39,209)
Standardized measure at the end of period	$	579,542	$	283,946	$	231,148

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details