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.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- White House hotel making comeback in Biloxi
- Supreme Court deals blow to McDaniel's election challenge
- Baseball stadium for Farish Street? It’s possible
- Guns OK inside Mississippi polling places, attorney general says
- McCarthy hired as CFO of Mississippi Development Authority
- State GOP chairman calls on McDaniel to hurry with challenge
- 'Get on Up' movie premiers in Madison with Chadwick Boseman and Tate Taylor walking the red carpet
- Bryant protests immigrant children being housed in state
- Gunn, Reeves introduce performance-based budget plan
- Three indicted, alleged to have embezzled from agency