NATCHEZ, Miss., April 11, 2016 /PRNewswire/ -- Callon Petroleum
Company (NYSE: CPE) today announced that its lending group
unanimously approved the reaffirmation of the Company's existing
$300 million borrowing base under its
senior secured revolving credit facility, including $300 million of related commitments, following
the semi-annual redetermination process. All terms governing the
credit facility remained unchanged.
"We believe that the outcome of our redetermination is a
testament not only to the performance of our Midland Basin assets,
but also to the achieved capital and operating cost reductions that
have enabled us to continue a measured pace of development and
efficiently grow our proved reserve base," said Joe Gatto, Chief Financial Officer of Callon.
"We are appreciative of the ongoing support of our lending group
and their contributions to our financial position and the execution
of our growth strategy."
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.
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
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SOURCE Callon Petroleum Company