Callon Logs Two Significant Pay Zones In Third Deepwater Discovery.NATCHEZ, Miss.--(BUSINESS WIRE)--Sept. 30, 1999-- 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) announced today a discovery at its 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 Medusa Prospect located in Mississippi Canyon Block 582. Two intervals with over 120 feet of total pay have been logged after drilling to a measured depth of 16,241 feet. Drilling for deeper objectives is expected to resume within 48 hours after wireline evaluations are completed, and additional delineation wells to further evaluate the extent of the discovery will follow. Mississippi Canyon Block 582 lies in approximately 2,100 feet of water. Callon Petroleum owns 15% of the Medusa Prospect. Murphy Oil Corporation (NYSE: MUR Mur (m  r), Hung., Slovenian, and Croatian Mura (m `rä), river, c. ) is the operator of the well and owns 60%; British-Borneo Petroleum, Inc. owns the remaining 25%. This is Callon's third consecutive deepwater discovery. In September of last year the Boomslang boomslang Venomous snake (Dispholidus typus) of the savannas of sub-Saharan Africa, the only species of its family that is decidedly dangerous to humans. When hunting, it lies in wait in a bush or tree for chameleons and birds; the forepart of the body often extends prospect on Ewing Bank Block 994 encountered approximately 185 net feet of oil pay. Then, in February of this year, Callon announced a deepwater discovery at the Habanero ha·ba·ne·ro n. pl. ha·ba·ñe·ros A cultivar of the tropical pepper Capsicum chinense having small, round, extremely hot green to red fruit. prospect at Garden Banks Block 341. Located in 2,000 feet of water, the well was drilled to a measured depth of 21,158 feet and encountered over 200 net feet of pay in two zones. 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 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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