Callon Petroleum sells interest in oil field
Published: November 29,2012
NATCHEZ — Callon Petroleum Co. says it will sell its share of an oil field to Royal Dutch Shell, PLC for $42 million.
The Mississippi company will sell its 11.25 percent interest in the Habanero field to Shell Offshore, planning to close the deal before year end.
The field, in 2,000 feet of water about 200 miles southeast of New Orleans, began production 2003.
Habanero represented 9 percent of Callon’s production in October. Shell Offshore operates the field and owns 55 percent. Murphy Oil holds the remaining 33.75 percent. The field produces close to 3,000 barrels of oil and 4.3 billion cubic feet of natural gas each day.
Callon says it will use the money to pay down debt, giving it flexibility to continue expanding in Texas’ Permian Basin.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- DAVID DALLAS: You say “Obama”, I say “Ebola”
- Judge gets more time to fight efforts to remove him from office
- Voters to decide whether hunting, fishing is constitutional right
- Coast cleanup nets 1,600 bags of trash — and a watermelon patch
- MARTIN WILLOUGHBY: Andrew Adams helps grow Addicus
- State's bad bridges continue to raise concerns among officials
- Number of visitors to Natchez Trace makes big jump
- MISSISSIPPI RISING: Time to sell the image
- Epidemiologist: State's hospitals can identify, isolate Ebola cases
- C Spire wins national award, cash prize for marketing analytics