Callon Petroleum Co. announces year-end reserve increase; fourth quarter and year-end results of operations.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)--March 21, 1995--Paced by increased reserves, record production and cash flow, Callon Petroleum Co. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CLNP CLNP - ConnectionLess Network Protocol ) today reported the results of its operations for the fourth quarter of 1994 as well as the year ended Dec. 31, 1994. Callon Petroleum Co. was formed on Sept. 16, 1994, when its businesses and properties were merged with those of Callon Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Partners L.P., a master limited partnership, and CN Resources, a joint venture between Callon Petroleum Co. and a consortium of Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears oil and gas investors. ``The fourth quarter of 1994 represents the first reported quarter for the combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
Operating results for the three-month period ended Dec. 31, 1994, include oil and gas sales of $6.6 million from average daily production of 1,336 barrels of oil and 25.1 million cubic feet of natural gas. This corresponds to sales of $2.4 million from average daily production of 1,027 barrels of oil and 5.7 million cubic feet of natural gas during the same period of 1993. For the three months ended Dec. 31, 1994, the company reported cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses of $3.8 million, or $0.65 per share, versus $1.2 million, or $0.31 per share, a year earlier. Net income during the fourth of 1994 was $304,000, or $0.05 per share, compared to a net loss of $136,000, or $0.04 per share, during the fourth quarter of 1993. Total revenues for the 12-month period ended Dec. 31, 1994, were $14.1 million compared to $10.3 million for the same period of 1993. For the 12 months ended Dec. 31, 1994, the company reported a $113,000 net loss, or $0.03 per share, compared to net income of $5.7 million, or $1.53 per share after the cumulative effect of a change in accounting principle. Income before the cumulative effect of a change in accounting principle during this same period of 1993 was $495,000, or $0.13 per share. At Dec. 31, 1994, the company's independent petroleum engineers estimated that the company had proved crude oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally of 4.5 million barrels of oil and proved natural gas reserves of 24.2 billion cubic feet. This represents increases of 61 percent and 70 percent over 1993 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. proved crude oil reserves of 2.8 million barrels of oil and proved natural gas reserves of 14.2 million cubic feet, respectively. The independent engineers also estimated the present value of these reserves, using prices in effect as of year-end 1994 and discounted 10 percent, at $41.4 million. Callon Petroleum Co. is engaged in the acquisition, development, exploration and operation of oil and gas properties for its own account and the account of industry partners and its institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . -0-
Callon Petroleum Co.
Summary Revenues and Earnings
(in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
12/31/93 12/31/94 12/31/93 12/31/94
Revenues $ 2,475 $ 6,760 $ 10,278 $ 14,119 Income (loss) before cumulative effect of change in accounting principle $ (136) $ 304 $ 495 $ (113) Income (loss) per share before accounting principle change $ (0.04) $ 0.05 $ 0.13 (0.03) Net income (loss) $ (136) $ 304 $ 5,757 $ (113) Net income (loss) per share $ (0.04) $ 0.05 $ 1.53 $ (0.03) Weighted average shares 3,769 5,754 3,769 4,346 CONTACT: Callon Petroleum Co., Natchez Terry Trovato, 601/442-1601 |
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