Callon reports another increase in earnings
NATCHEZ — Callon Petroleum Company reports net income of $1.6 million, or $0.05 per diluted share, for the third quarter, and $7.7 million, or $0.26 per diluted share, for the nine-month period ended Sept. 30, 2010.
These results represent three consecutive quarters of improved earnings over the corresponding periods of 2009, during which the company reported a net loss of $1.0 million, or $0.04 per diluted share, for the third quarter of 2009 and net income of $0.5 million, or $0.02 per diluted share, for the nine-month period ended September 30, 2009.
“With the third quarter, we delivered another period of positive execution of our strategic growth plan that we implemented a little more than a year ago,” Fred Callon, chairman and CEO, said. “This time last year, we had no onshore oil production. Today we are reporting onshore oil production of 500 net barrels per day, and we have our Haynesville Shale acreage held by production. Our diversification strategy for reinvesting cash flow generated from our offshore deepwater fields into lower-risk onshore oil and shale gas plays has enabled us to increase our long-term visible growth prospects, strengthen our balance sheet and continue growing per-share value.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Molpus closes Fund after more than $662M in commitments
- MSU reminding fans that drones are prohibited at football games
- Politics of paying for transportation: Hand wringing and a lot of talk
- DeSoto County Supervisor Lee dies in ATV accident on his birthday
- Realtors chooses Nita Wingard
- Entergy agrees to cut $35M from its new rate plan
- Researchers: Trapping, not hunting, best way to control wild hogs
- No debate, but Cochran and Childers lobby for votes for Senate
- Kemper County plant will cost at least another $496M to complete