Callon to offer nine million shares of common stock

NATCHEZ — Callon Petroleum Company intends to offer, subject to market and other conditions, nine million shares of its common stock, par value $0.01 per share.

In connection with this offering, Callon will grant the underwriters an option to purchase 1.35 million additional shares of common stock to cover any over-allotments.

Callon intends to use the net proceeds to fund a portion of its 2011 capital budget and for general corporate purposes, including possible future acquisitions. Callon also intends to use $35 million of the net proceeds to redeem $31 million of its outstanding 13 percent senior notes due 2016 and pay the associated redemption premium.

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