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Callon Petroleum reports improved numbers

NATCHEZ — Callon Petroleum Company reported net income of $2.1 million, or $0.07 per fully-diluted share, for the second quarter, and $6.1 million, or $0.21 per fully-diluted share, for the six-month period ended June 30, 2010.

These results represent two consecutive quarters of improved earnings over the corresponding periods of 2009, during which the company reported a net loss of $900,000, or $0.04 per fully-diluted share, for the second quarter of 2009 and net income of $1.5 million, or $0.07 per fully-diluted share, for the six month period ended June 30, 2009.

Operating results for the three months include oil and gas sales of $21.6 million from average production of 26.1 million cubic feet of natural gas equivalent per day (MMcfe/d). This corresponds to sales of $25 million from average production of 33.1 MMcfe/d during the comparable 2009 period.

The average price per thousand cubic feet of natural gas (Mcf) received during the quarter, after the impact of hedging, increased to $5.22, compared to $4.22 for the quarter ended June 30, 2009. The average price per barrel of oil (Bbl) received in the second quarter, after hedging impact, increased to $74.03, compared to $72.22 for the same period in 2009.

Oil and gas sales for the first six months totaled $45 million from average production of 26.9 MMcfe/d. This corresponds to sales of $49.8 million from average production of 33.3 MMcfe/d during the same period in 2009.

The average price received per Mcf in the six-month period, after the impact of hedging, increased to $5.50, compared to $5.18 during the first six months of 2009. Likewise, the average price received per Bbl in the first half of 2010, after hedging impact, increased to $74.41, compared to $66.39 during the same period in 2009.

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