Callon Petroleum Co.

$CPE - NYSE - Energy
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Callon Petroleum Prices $75 Million of Non-Convertible Perpetual Preferred Stock


Natchez,  MS (May 22, 2013) - Callon Petroleum  Company (NYSE: CPE) ("Callon" or
the  "Company") today announced the pricing  of an underwritten  public offering
of  its  non-convertible  10% Series  A  Cumulative Preferred Stock (liquidation
preference  $50.00  per  share)  (the  "Series  A  Preferred Stock") at a public
offering price of $47.50 per share. The offering consists of 1,578,948 shares of
Series A Preferred Stock, and the Company estimates that gross proceeds from the
offering  will be $75 million before  underwriting commissions and expenses. The
offering  is expected to settle and  close on May 30, 2013, subject to customary
closing  conditions. The Company  anticipates that the  Series A Preferred Stock
will be listed for trading under the ticker symbol "CPE.A" on the New York Stock
Exchange.

The  Company  estimates  that  the  net  proceeds  from  the  offering  will  be
approximately  $70 million, after the  deduction of underwriting commissions and
expenses.

Callon  intends to use the net proceeds from  the sale of the Series A Preferred
Stock  to accelerate the  timing of capital  expenditures to further develop and
evaluate   its  properties  in  the  Permian  Basin,  and  for  possible  future
acquisitions and general corporate purposes. Pending such use, net proceeds will
be used to repay borrowings under the Company's revolving credit facility.

Janney  Montgomery Scott LLC, Sterne,  Agee & Leach, Inc.  and MLV & Co. LLC are
acting as joint book-running managers for the offering. Dougherty & Company, LLC
and Northland Capital Markets are acting as co-managers for the offering.

Prospective  investors should read the preliminary prospectus supplement and the
shelf  registration statement for more complete information about Callon and the
offering.  Copies  of  the  preliminary  prospectus supplement, the accompanying
prospectus  and,  when  available,  the  final  prospectus  supplement  will  be
available  on  the  SEC's  website,  www.sec.gov.  Alternatively,  copies may be
obtained  from  Janney  Montgomery  Scott  LLC,  1717 Arch Street, 19(th) Floor,
Philadelphia,   PA   19103, Attention:   Pete   Reinhart   or  by  telephone  at
215-665-6170; from  Sterne, Agee & Leach, Inc., 277 Park Avenue, 24th Floor, New
York, NY 10172, Attention: Craig Jampol or by telephone at 212-338-4708; or from
MLV  & Co. LLC,  1251 Avenue of the  Americas, 41st Floor, New  York, NY 10020,
Attention: Randy Billhardt or by telephone at 212-542-5882.

This  news release does not constitute an offer  to sell or a solicitation of an
offer  to buy any security, nor  will there be any sale  of such security in any
jurisdiction  in which such offer, sale  or solicitation would be unlawful prior
to  registration  or  qualification  under  the  securities  laws  of  any  such
jurisdiction.  The offering may be made only by means of a prospectus supplement
and related base prospectus.

Callon  is engaged in the acquisition, development, exploration and operation of
oil  and gas properties in Texas, Louisiana  and the offshore waters of the Gulf
of Mexico.

This  news release is posted on the Company's website at www.callon.com and will
be  archived there  for subsequent  review. It  can be  accessed from  the "News
Releases" link on the top of the homepage.

"Northland  Capital Markets" is  the trade name  for certain capital markets and
investment banking services of Northland Securities, Inc., member FINRA/SIPC.

It  should  be  noted  that  this  news  release  contains projections and other
forward-looking  statements within the meaning  of Section 27A of the Securities
Act  of  1933, as  amended,  and  Section  21E of the Securities Exchange Act of
1934, as  amended.  These  projections  and  statements reflect Callon's current
views with respect to future events and financial performance. No assurances can
be  given, however, that these events will  occur or that these projections will
be achieved and actual results could differ materially from those projected as a
result  of certain factors.  Some of the  factors which could  affect our future
results and could cause results to differ materially from those expressed in our
forward-looking  statements are discussed in our filings with the SEC, including
our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, available on
our website or the SEC's website at www.sec.gov.


For further information contact
Rodger W. Smith, 1-800-451-1294



This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
    other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
     originality of the information contained therein.

Source: Callon Petroleum Company via Thomson Reuters ONE
[HUG#1703568]



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