Callon Announces Additional Financing.Business Editors & Energy Writers 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)--Sept. 12, 2002 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) today reported that the maturity of an additional $7 million of the company's 10.125% Senior Subordinated Notes due 9/15/02 (the "Notes") has been extended until 7/31/04. In July July: see month. , the company announced a series of financing transactions to fund its capital expenditures and debt maturities for 2002 and 2003. These transactions included the extension of the maturity of $15.9 million of the Notes. With the additional $7 million extension, the company now has extended the maturity of $22.9 million of its $36 million of Notes. The remaining $13.1 million of Notes will be retired upon maturity. "The additional liquidity gained by these extensions further ensures that we will be able to fund the development of our three deepwater discoveries scheduled to begin production in 2003," Fred L. Callon, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. comments. "We believe the resulting increase in production levels and cash flow should allow us to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. our future debt obligations beginning in 2004, and pursue new opportunities to increase reserves, cash flow and shareholder value." 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. , including statements regarding the company's ability to fund its future obligations, 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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