NATCHEZ, Miss., April 6, 2015 /PRNewswire/ -- Callon
Petroleum Company (NYSE: CPE) today announced that the borrowing
base under its senior secured revolving credit facility remained
unchanged at $250 million following
its lenders' regularly scheduled semi-annual redetermination
process. There were no other changes to the terms of the credit
facility resulting from this borrowing base redetermination.
Fred Callon, Chairman and CEO,
commented, "We are pleased that our credit facility's borrowing
base remained unchanged following the recent redetermination cycle,
despite the substantial decreases in commodity prices over the last
few months. This level of credit availability not only reflects the
growth in our proved reserves since the previous review process,
but also the pace and magnitude of realized service cost reductions
that are benefiting our operations. We remain well-positioned
financially to execute on our core development program in the
Midland Basin and add reserves at attractive investment costs."
About Callon Petroleum
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.
This news release is posted on the Company's website at
www.callon.com and will be archived there for subsequent review. It
can be accessed from the "News Releases" link on the top of the
homepage.
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. Forward-looking
statements include all statements, as well as statements including
the words "believe," "expect," "plans" and words of similar
meaning. These statements reflect the Company's current views with
respect to future events and financial performance. No assurances
can be given, however, that these events will occur or that these
projections will be achieved, and actual results could differ
materially from those projected as a result of certain factors.
Some of the factors which could affect our future results and could
cause results to differ materially from those expressed in our
forward-looking statements include the volatility of oil and gas
prices, ability to drill and complete wells, operational,
regulatory and environment risks, our ability to finance our
activities and other risks more fully discussed in our filings with
the Securities and Exchange Commission, including our Annual
Reports on Form 10-K, available on our website or the SEC's website
at www.sec.gov.
For further information contact:
Eric Williams
Manager, Finance
1-800-451-1294
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/callon-petroleum-company-announces-reaffirmation-of-borrowing-base-300060273.html
SOURCE Callon Petroleum Company