Callon Petroleum Company Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Summary of Fair Value of Financial Instruments at Carrying and Fair Value

The following table summarizes the respective carrying and fair values at:



	March 31, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Facility	$	27,000	$	27,000	$	10,000	$	10,000
13% Senior Notes due 2016 (1)	$	109,869	$	100,839	$	110,668	$	100,112
Total	$	136,869	$	127,839	$	120,668	$	110,112

(1) Fair value is calculated only in relation to the $96,961 principal outstanding of the Senior Notes at each of the dates indicated above, respectively. The remaining $12,908 and $13,707, respectively, which the Company has recorded as a deferred credit, is excluded from the fair value calculation, and will be recognized in earnings as a reduction of interest expense over the remaining amortization period. See Note 4 for additional information.

Fair Value Liabilities Measured on Recurring Basis

The following tables present the Company’s liabilities measured at fair value on a recurring basis for each hierarchy level:



As of 3/31/2013	Balance Sheet Presentation	Level 1		Level 2		Level 3		Total
Assets
Derivative financial instruments - current	Fair market value of derivatives	$	—	$	1,511	$	—	$	1,511
Derivative financial instruments - non-current	Other long-term assets	—		—		—		—
Sub-total assets		—		1,511		—		1,511

Liabilities
Derivative financial instruments - current	Fair market value of derivatives	—		537		—		537
Derivative financial instruments - non-current	Other long-term liabilities	$	—	$	331	$	—	$	331
Sub-total liabilities	Other long-term liabilities	—		868		—		868

Total		$	—	$	643	$	—	$	643

As of 12/31/2012	Balance Sheet Presentation	Level 1		Level 2		Level 3		Total
Assets
Derivative financial instruments - current	Fair market value of derivatives	—		1,674		—		1,674
Derivative financial instruments - non-current	Other long-term assets	$	—	$	250	$	—	$	250
Sub-total assets		—		1,924		—		1,924

Liabilities
Derivative financial instruments - current	Fair market value of derivatives	—		125		—		125
Derivative financial instruments - non-current	Other long-term liabilities			$	116			$	116
Sub-total liabilities		—		241		—		241

Total		$	—	$	1,683	$	—	$	1,683

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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+ Details

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References + Details