Callon Petroleum sells interest in oil field
by Associated Press
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.
Top Posts & Pages
- JACKSON JILTED —Southwest Airlines pulling up stakes and leaving Mississippi
- Keeping our eye on... Liz Lancaster
- Eye clinic operator faces Medicaid fraud charges
- NEW ORLEANS SAINTS MOVING — Mississippi company has the task of moving the football team
- GOP Sen. Thad Cochran to run for seventh term
- Mega-load move could cause traffic issues
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- C Spire launches next phase of 1-gig service rollout
- Hood issues opinion on open-carry gun law
- M&F branches to close as Renasant wraps up merger