Callon Petroleum Company Announces Closing of Secondary Stock Offering.NATCHEZ, Miss. -- 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 the closing of a public offering of common stock today. Callon raised net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $38.2 million, after expenses. The offering of 3 million shares, priced at $13.25 per share, was underwritten by Johnson Rice & Company L.L.C. As stated previously, Callon has granted the underwriter an over-allotment option to purchase an additional 450,000 shares. The company intends to use the net proceeds of the common stock offering for general corporate purposes, including repayment of debt. Callon has been engaged in the exploration, development, acquisition and production of oil and gas in the Gulf Coast region since 1950. Callon's properties and operations are geographically concentrated in the offshore waters of the 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 . This news release includes "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. All statements other than statements of historical facts included in this news release, including statements regarding the company's intended use of proceeds, are forward-looking statements. The company can give no assurances that the assumptions upon which such forward-looking statements are based will prove to have been correct. Important factors that could cause actual results to differ materially from the company's expectations ("Cautionary Statements") include volatility of oil and gas prices, the markets for oil and gas, environmental regulations, the substantial capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. associated with oil and gas operations and other factors that are set forth in the company's reports filed with the Securities and Exchange Commission, including the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for its 2003 fiscal year. All subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified by the Cautionary Statements. |
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