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

Annual report pursuant to Section 13 and 15(d)

Supplemental Information on Oil and Natural Gas Properties (unaudited) (Tables)

Supplemental Information on Oil and Natural Gas Properties (unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Supplemental Information on Oil and Natural Gas Properties [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,
	2015		2014		2013
Evaluated Properties
Beginning of period balance	$	2,077,985	$	1,701,577	$	1,497,010
Capitalized G&A		10,529		10,071		10,014
Property acquisition costs (a)		26,726		94,541		10,885
Exploration costs		81,320		118,251		147,164
Development costs		138,663		153,545		36,504
End of period balance	$	2,335,223	$	2,077,985	$	1,701,577
Unevaluated Properties
Beginning of period balance	$	142,525	$	43,222	$	68,776
Property acquisition costs (a)		5,520		128,342		2,259
Exploration costs		4,576		11,177		10,767
Capitalized interest		10,459		4,295		4,410
Transfers to evaluated		(30,899)		(44,511)		(42,990)
End of period balance	$	132,181	$	142,525	$	43,222
Accumulated depreciation, depletion and amortization
Beginning of period balance	$	1,478,355	$	1,420,612	$	1,296,265
Provision charged to expense		69,228		56,663		42,251
Write-down of oil and natural gas properties		208,435		—		—
Sale of mineral interests		—		1,080		82,096
End of period balance	$	1,756,018	$	1,478,355	$	1,420,612

For more information on acquisitions refer to Note 3

Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities


	For the Year Ended December 31,
Proved developed and undeveloped reserves:	2015	2014	2013
Oil (MBbls):
Beginning of period	25,733	11,898	10,780
Revisions to previous estimates	(1,632)	(243)	(2,540)
Purchase of reserves in place	2,932	3,223	150
Sale of reserves in place	(23)	—	(3,294)
Extensions and discoveries	19,127	12,547	7,713
Production	(2,789)	(1,692)	(911)
End of period	43,348	25,733	11,898
Natural Gas (MMcf):
Beginning of period	42,548	17,751	19,753
Revisions to previous estimates	4,870	(215)	(5,351)
Purchase of reserves in place	2,915	8,591	317
Sale of reserves in place	(105)	—	(4,576)
Extensions and discoveries	19,621	18,641	10,619
Production	(4,312)	(2,220)	(3,011)
End of period	65,537	42,548	17,751


	For the Year Ended December 31,
Proved developed reserves:	2015	2014	2013
Oil (MBbls):
Beginning of period	14,006	5,960	4,955
End of period	22,257	14,006	5,960
Natural gas (MMcf):
Beginning of period	25,171	9,059	10,680
End of period	38,157	25,171	9,059
MBOE:
Beginning of period	18,201	7,470	6,735
End of period	28,617	18,201	7,470
Proved undeveloped reserves:
Oil (MBbls):
Beginning of period	11,727	5,938	5,825
End of period	21,091	11,727	5,938
Natural gas (MMcf):
Beginning of period	17,377	8,692	9,073
End of period	27,380	17,377	8,692
MBOE:
Beginning of period	14,623	7,387	7,337
End of period	25,654	14,623	7,387

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



		2015		2014		2013
Average 12-month price, net of differentials, per Mcf of natural gas	$	2.73	$	6.38	$	5.45
Average 12-month price, net of differentials, per barrel of oil	$	47.25	$	86.30	$	92.16

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



	Standardized Measure
	For the Year Ended December 31,
	2015		2014		2013
Future cash inflows	$	2,227,463	$	2,492,178	$	1,193,299
Future costs
Production		(827,555)		(873,469)		(357,005)
Development and net abandonment		(239,100)		(288,081)		(155,667)
Future net inflows before income taxes		1,160,808		1,330,628		680,627
Future income taxes		—		(164,490)		(68,239)
Future net cash flows		1,160,808		1,166,138		612,388
10% discount factor		(589,918)		(586,596)		(328,442)
Standardized measure of discounted future net cash flows	$	570,890	$	579,542	$	283,946



	Changes in Standardized Measure
	For the Year Ended December 31,
	2015		2014		2013
Standardized measure at the beginning of the period	$	579,542	$	283,946	$	231,148
Sales and transfers, net of production costs		(110,476)		(120,518)		(78,661)
Net change in sales and transfer prices, net of production costs		(286,660)		(156,066)		(46,088)
Net change due to purchases and sales of in place reserves		37,616		111,331		(145,711)
Extensions, discoveries, and improved recovery, net of future production and development costs incurred		184,469		299,192		212,431
Changes in future development cost		108,216		186,605		153,983
Revisions of quantity estimates		(12,625)		(7,673)		(68,958)
Accretion of discount		62,968		30,114		25,010
Net change in income taxes		35,407		(32,940)		1,751
Changes in production rates, timing and other		(27,567)		(14,449)		(959)
Aggregate change		(8,652)		295,596		52,798
Standardized measure at the end of period	$	570,890	$	579,542	$	283,946

- 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