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Callon records quarterly loss

NATCHEZ — Callon Petroleum Company, for the quarter ended June 30, 2009, reported a net loss of $900,000, or $0.04 per share, after a non-recurring charge of $2.2 million associated with staffing reductions and employee retirements, which reduced earnings per share by $0.10. Net income for the comparable period of 2008 was $5.2 million, or $0.23 per share.

For the six months ended June 30, 2009, Callon reported net income of $1.5 million, or $0.07 per share. This compares with net income of $12.8 million, or $0.58 per share during the same period of 2008. All per share amounts are on a diluted basis.

Operating results for the three months include oil and gas sales of $25 million from average production of 33.1 million cubic feet of natural gas equivalent per day (MMcfe/d), which exceeded the high-end of the company’s published guidance range of 28 to 30 MMcfe/d. This corresponds to sales of $48 million from average production of 37.2 MMcfe/d during the comparable 2008 period.

Oil and gas sales for the first six months of 2009 totaled $49.8 million from average production of 33.3 MMcfe/d. This corresponds to sales of $93 million from average production of 39.6 MMcfe/d during the same period in 2008.

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