NATCHEZ, Miss., Sept. 6, 2016 /PRNewswire/ -- Callon
Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today
announced that it has priced an upsized underwritten public
offering of 26,000,000 shares of its common stock for total
estimated gross proceeds (before the underwriter's discounts and
commissions and estimated offering expenses) of $379.6 million. The underwriters will have an
option to purchase up to an additional 3,900,000 shares of common
stock from the Company.
Proceeds from the offering are expected to be used to fund the
pending Plymouth Acquisition, as described in the Company's Report
on Form 8-K previously filed with the Securities and Exchange
Commission on September 6,
2016. If the pending Plymouth Acquisition is not consummated, the
Company intends to use the net proceeds of this offering to fund a
portion of its exploration and development activities and for
general corporate purposes, which may include leasehold interest
and property acquisitions, repayment of indebtedness and working
capital.
Credit Suisse and J.P. Morgan are acting as joint book-running
managers for the offering. Morgan Stanley, RBC Capital Markets and
SunTrust Robinson Humphrey are also acting as joint book-running
managers for the offering. The offering is expected to close on
September 12, 2016, subject to
customary closing conditions.
The offering will be made only by means of a prospectus
supplement and the accompanying base prospectus, copies of which
may be obtained on the Securities and Exchange Commission's website
at www.sec.gov. Alternatively, the underwriters will arrange to
send you the prospectus supplement and related base prospectus if
you request them by contacting Credit Suisse Securities
(USA) LLC, Attention: Prospectus
Department, One Madison Avenue, New York,
New York 10010, via telephone at 1-800-221-1037, or by
e-mailing newyork.prospectus@credit-suisse.com; or J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717,
Attention: Prospectus Department, via telephone at 1-866-803-9204,
or by e-mailing prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. This offering may only be made by means of a
prospectus supplement and related base prospectus.
About Callon Petroleum Company
Callon is an independent energy company focused on the
acquisition, development, exploration, and operation of oil and gas
properties in the Permian Basin in West
Texas.
Cautionary Statement Regarding Forward Looking
Statements
This news release contains "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. All statements,
other than historical facts, that address activities that the
Company assumes, plans, expects, believes, intends or anticipates
(and other similar expressions) will, should or may occur in the
future are forward-looking statements. The forward-looking
statements are based on management's current beliefs, based on
currently available information, as to the outcome and timing of
future events. These forward-looking statements involve certain
risks and uncertainties that could cause the results to differ
materially from those expected by the Company's management.
Information concerning these risks and other factors can be found
in the Company's filings with the Securities and Exchange
Commission, including its Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q, available on the Company's website or the
SEC's website at www.sec.gov.
For further information contact:
Joe Gatto
President, Chief Financial Officer and Treasurer
1-800-451-1294
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SOURCE Callon Petroleum Company