Callon Petroleum posts loss

by Wally Northway

Published: November 6,2009

Tags: energy, oil and gas, publicly traded company

NATCHEZ — Callon Petroleum Company, for the quarter ended Sept. 30, 2009, reported a net loss of $1 million, or $0.04 per share. Net income for the comparable period of 2008 was $5.9 million, or $0.27 per share.

For the nine months ended Sept. 30, 2009, Callon reported net income of $500,000, or $0.02 per share. This compares with net income of $18.6 million, or $0.85 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 $21.3 million from average production of 27.4 million cubic feet of natural gas equivalent per day (MMcfe/d), which was within the company’s published guidance range of 25 MMcfe/d to 28 MMcfe/d. This corresponds to sales of $32.8 million from average production of 25.9 MMcfe/d during the comparable 2008 period.

Oil and gas sales for the first nine months of 2009 totaled $71.2 million from average production of 31.3 MMcfe/d. This corresponds to sales of $125.8 million from average production of 35.0 MMcfe/d during the same period in 2008.

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