Callon Petroleum selling Gulf asset for $100M
Published: October 20,2013
NATCHEZ — W&T Offshore Inc. plans to buy Callon Petroleum Co.’s shares of Gulf of Mexico oil and gas fields for $100 million.
Callon announced the sale Thursday. It’s supposed to close by Nov. 30.
Houston-based W&T will buy a 15 percent share of the Medusa field, which produces about 1,000 barrels of oil per day, and Callon’s 7.5 percent interest in the production facilities for the field.
Also included in the sale are 10 shallow-water fields that Callon doesn’t operate that produce about 5.1 million cubic feet of natural gas each day.
Chairman and CEO Fred Callon says the sale completes the company’s transition to one that only drills onshore and focuses on western Texas’ Permian Basin. Callon says the company will use the money to acquire or drill more wells.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Callon Petroleum selling Gulf asset for $100M”
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Seafood R’evolution set to make Mississippi ‘the new culinary epicenter of the South’
- Yarber could be sworn in today as new Jackson mayor
- After review, MSU moves forward on new research facility
- Ole Miss launches commitment to be 'climate neutral'
- Pharma Pac lays off rest of workers; could end up owing state
- SpaceX, Stennis officially open new rocket test stand
- Gulf LNG terminal mulling export opportunities
- Acco Brands investing $1.6M, adding 162 workers
- Secretary of State's Office transitioning to new location