NATCHEZ, Miss., Oct. 7, 2015 /PRNewswire/ -- Callon
Petroleum Company (NYSE: CPE) today announced that the borrowing
base under its senior secured revolving credit facility was
increased to $300 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 encouraged by the outcome of our recent
redetermination process which we believe to be a reflection of the
quality of our Permian Basin position and the economics associated
with our continued investment. We also appreciate the continued
support of our entire bank group and their commitment to partner
with us as we continue to add to our proved reserve base. This
increased level of liquidity, combined with our focus of attaining
self-funding status under our current drilling program in 2016,
provides us with the flexibility required to prudently grow in a
volatile environment."
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" link on the top of the homepage.
Please note that Callon routinely posts important information about
the Company under the Investor Relations section of its
website.
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 regarding reserve quantities and
the implementation of the Company's business plan and strategy, 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
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SOURCE Callon Petroleum Company