Callon Announces Completion of Financings.Business Editors & Energy Writers 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 the company had completed the financing necessary to fund its debt maturities and anticipated capital expenditures in 2002 and 2003. By the end of 2003, the company expects to have its first three deepwater Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east discoveries online, which is estimated to increase Callon's production rates by over 130 percent from current levels. Increase in availability under Senior Secured Credit Facility - The lenders under the company's Senior Secured Credit Facility have agreed to increase availability under the revolving borrowing base from $50 million to $75 million. Extensions of maturity of Senior Subordinated Notes due 2002 - The holders of $15.9 million of the company's 10.125% Senior Subordinated Notes due 9/15/02 have consented to an extension of the maturity of such notes until 7/31/04. This reduces current year maturities of Senior Subordinated Notes to $20.1 million. The company is in ongoing discussions for similar extensions with the holders of an additional $11.5 million of the notes. Sale of North Dauphin Dauphin, town, Canada Dauphin (dô`fĭn), town (1991 pop. 8,453), SW Man., Canada, on the Vermilion River. It is the retail and distribution center for an agricultural, lumbering, and fishing area. Island Pipeline - The company has completed the sale of its North Dauphin Island Pipeline for $7 million cash, together with certain commitments as to future capacity and reduced tariffs This is a list of tariffs and trade legislation:
Sale of Enron hedging claims - The company has completed the sale of its claims against Enron for hedging transactions for $2.5 million in cash. In the fourth quarter of 2001 Callon reported a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for the total value of these claims. As a result of the sale, the company expects to report a pre-tax gain of $2.5 million in the second quarter of 2002. "We are extremely pleased to announce the successful completion of these transactions," 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. "Securing these financings without any significant equity dilution has been our primary focus during the past year. As we look forward to increased production and cash flow, we can focus our attention on finding 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 ongoing discussions concerning refinancing Refinancing An extension and/or increase in amount of existing debt. additional amounts of the Senior Subordinated Notes due 9/15/02, 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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