NATCHEZ, Miss. -- (Business Wire)
Callon Petroleum Company (NYSE: CPE) is issuing guidance for the full
year 2011, which includes confirmation of previously issued production
guidance for the 12-month period. The guidance, found in the table
below, is expressed in ranges for the detailed components.
|
|
Full Year 2011 |
Guidance Estimates |
(In thousands, except per production unit amounts) |
|
|
|
| Guidance for Full Year 2011 |
|
Estimated production volumes:
| | |
|
Natural gas (Bcf)
| |
5.2 – 5.4
|
|
Crude oil (Mbo)
| |
995 – 1,070
|
|
Boe/d
| |
5,100 – 5,400
|
| |
|
|
Lease operating expenses:
| | |
| |
|
|
Cash
| |
$21,000 – $23,000
|
|
Non-cash
| |
–
|
|
Total
| |
$21,000 – $23,000
|
| |
|
|
General and administrative expenses:
| | |
| |
|
|
Cash
| |
$ 11,200 – $11,700
|
|
Non-cash
| | 4,000 – 5,000 |
|
Total
| |
$ 15,200 – $16,700
|
| |
|
| |
|
|
Interest expense:
| | |
| |
|
|
Cash
| |
$13,600 – $15,000
|
|
Non-cash
| | (2,600) – (3,000) |
|
Total
| |
$ 11,000 – $12,000
|
| |
|
|
Medusa Spar LLC, net of tax
| |
$ 800 – $ 900
|
| |
|
|
DD & A – Per BOE
| |
$ 24.50 – $ 27.00
|
| |
|
|
Accretion expense
| |
$ 2,300 – $ 2,500
|
| |
|
|
Income tax rate
| |
0%
|
| |
|
|
Cash income tax rate
| |
0%
|
| |
|
| |
|
The preceding guidance estimates contain assumptions that we believe are
reasonable. These estimates are based on information that is available
as of the date of this news release. We are not undertaking any
obligation to update these estimates as conditions change or as
additional information becomes available.
Listed below are the outstanding hedges for crude oil for the remainder
of 2011 shown in volumes.
|
|
| 12/31/11 |
| Crude Oil |
|
| |
|
|
| | | | |
| Collars | | |
Volume (Mbo)
| | | |
30
|
| | |
Ceiling
| | |
$
|
101.85
|
| | |
Floor
| | |
$
|
75.00
|
| | | | | |
|
| Collars | | |
Volume (Mbo)
| | | |
15
|
| | |
Ceiling
| | |
$
|
102.00
|
| | |
Floor
| | |
$
|
80.00
|
| | | | | |
|
| Collars | | |
Volume (Mbo)
| | | |
30
|
| | |
Ceiling
| | |
$
|
94.50
|
|
| | |
Floor
| | |
$
|
75.00
|
| | | | | |
|
| Collars | | |
Volume (Mbo)
| | | |
45
|
| | |
Ceiling
| | |
$
|
122.00
|
| | |
Floor
| | |
$
|
90.00
|
| | | | | |
|
| | | | | |
|
Callon Petroleum Company is engaged in the acquisition, development,
exploration and operation of oil and gas properties in Texas, Louisiana
and the offshore waters of the Gulf of Mexico.
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” tab at the top of the homepage.
This news release contains projections and other forward-looking
statements (including statements about fiscal full-year financial and
operating performance) within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. These projections and 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:
-
general economic and industry conditions;
-
volatility of oil and natural gas prices;
-
uncertainty of estimates of oil and natural gas reserves;
-
impact of competition;
-
availability and cost of seismic, drilling and other equipment;
-
operating hazards inherent in the exploration for and production of
oil and natural gas;
-
difficulties encountered during the exploration for and production of
oil and natural gas;
-
difficulties encountered in delivering oil and natural gas to
commercial markets;
-
changes in customer demand and producers’ supply;
-
uncertainty of our ability to attract capital;
-
compliance with, or the effect of changes in, the extensive
governmental regulations regarding the oil and natural gas business;
-
actions of operators of our oil and gas properties;
-
weather conditions;
-
our ability to restructure our indebtedness, including the results of
our exchange offer; and
-
the risk factors discussed in our filings with the Securities and
Exchange Commission, including but not limited to those in our Annual
Report for the year ended December 31, 2010 on Form 10-K.
The preceding estimates reflect our review of continuing operations
only. These estimates do not take into account any material transactions
such as sales of debt and equity securities, acquisitions or
divestitures of assets, and formations of joint ventures. We continually
review these types of transactions and may engage in one or more of
these types of transactions without prior notice.
Contacts:
Callon Petroleum Company
Rodger W. Smith, 800-451-1294
Source: Callon Petroleum Company
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