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Description of Business and Basis of Presentation
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Jun. 30, 2011
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| Description of Business and Basis of Presentation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Description of Business and Basis of Presentation |
Note 1 — Description of Business and Basis of Presentation
Description of Business
Callon Petroleum Company has been engaged in the exploration, development, acquisition and
production of oil and gas properties since 1950. The Company was incorporated under the laws of
the state of Delaware in 1994 and succeeded to the business of a publicly traded limited
partnership, a joint venture with a consortium of European investors and an independent energy
company partially owned by a member of current management. As used herein, the “Company,”
“Callon,” “we,” “us,” and “our” refer to Callon Petroleum Company and its predecessors and
subsidiaries unless the context requires otherwise.
The Company’s properties and operations are geographically concentrated onshore in Louisiana
and Texas and the offshore waters of the Gulf of Mexico.
Basis of Presentation
These interim financial statements of the Company have been prepared in accordance with (1)
accounting principles generally accepted in the United States (“US GAAP”), (2) the Securities and
Exchange Commission’s instructions to Quarterly Report on Form 10-Q and (3) Rule 10-01 of
Regulation S-X, and should be read in conjunction with the Company’s Annual Report on Form 10-K for
the year ended December 31, 2010. The balance sheet at December 31, 2010 has been derived from the
audited financial statements at that date.
In the opinion of management, the accompanying unaudited consolidated financial statements
reflect all adjustments (including normal recurring adjustments) necessary to present fairly the
Company’s financial position, the results of its operations and its cash flows for the periods
indicated. Operating results for the periods presented are not necessarily indicative of the
results that may be expected for the year ended December 31, 2011.
Unless otherwise indicated, all amounts contained in the notes to the consolidated financial
statements are presented in thousands, with the exception of years, per-share and per-hedge
amounts.
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