Callon's Third Discovery Well At South Marsh Island Block 261 Encounters 165 Feet Of Net Pay.Business Editors NATCHEZ Natchez, city, United States Natchez, city (1990 pop. 19,460), seat of Adams co., SW Miss., on bluffs above the Mississippi River; settled 1716, inc. 1803. , Miss.--(BUSINESS WIRE)--May 3, 2000 Callon Petroleum Company (NYSE NYSE See: New York Stock Exchange : CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment ) (NYSE:CPE.PrA) reported today that its South Marsh Island Block 261 No. 4 discovery well encountered 165 feet of net pay (true vertical thickness) in a total of four pay zones. The well will be initially completed and tested in the bottom sand. This represents the company's third discovery on the South Marsh Island 261 block. At year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1999, only the No. 1 well was included in Callon's estimates of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. . The company owns a 100 percent working interest in the three wells and anticipates placing all three on production through facilities on an adjacent block during the second quarter of 2000. Although Callon has identified additional prospects on South Marsh Island Block 261, it has temporarily suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. its drilling program there to evaluate production performance of the three discovery wells, determine production capacities of the existing field infrastructure and consider alternatives for increasing production capabilities. Callon also noted its discovery well at East Cameron Block 275, drilled in December 1999, was placed on production in early April through facilities on an adjacent block. The well currently is producing at a rate of approximately 11 million cubic feet of natural gas and 150 barrels of oil per day. Callon Petroleum Company has been engaged in the exploration, development, acquisition and operation of oil and gas properties in the Gulf Coast region since 1950. This news release contains projections and other forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company'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. |
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