Callon reports improved numbers

NATCHEZ — Callon Petroleum Company reported fourth quarter net income of $53.9 million, or $2.27 per share, compared to a net loss of $457.5 million, or $21.19 per share, for the 2008 fourth quarter.

For the year ended December 31, 2009, Callon’s net income was $54.4 million, or $2.45 per share, compared to a 2008 net loss of $438.9 million, or $20.68 per share, primarily from a non-cash charge of $485.5 million due to the impairment of the company’s oil and gas properties under full-cost accounting rules.

“We exited the year 2009 with a new strategy and two new onshore assets in the Permian Basin in Texas and the Haynesville Shale play of northern Louisiana,” Fred Callon, chairman and CEO, said. “Our focus in 2010 will be on growing through the drill bit and making selective acquisitions in our core areas to further expand our inventory of drilling opportunities and strengthening our visible, long-term growth potential. Our strategy is supported by the strong cash flow from our deepwater Gulf of Mexico fields into our onshore conventional oil and shale gas projects.”