Callon Petroleum Company Completes Additional Sale of Common Stock.NATCHEZ, Miss.--(BUSINESS WIRE)--Dec. 8, 1997--Callon Petroleum Company (Nasdaq NMS See NetWare Management System. : CLNP CLNP - ConnectionLess Network Protocol )(Nasdaq NMS: CLNPP) announced today that it will receive $3.9 million (after deducting the underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. discount) as the result of the co-managers having exercised their overallotment option overallotment option See greenshoe. to purchase an additional 240,000 shares of common stock. The company's $27.2 million public offering of 1.6 million shares of common stock closed on November 24, 1997. The offering was priced at $17.00 per share. The co-managers were Morgan Keegan & Company, Inc., A.G. Edwards & Sons, Inc., Howard, Weil, Labouisse, Friedrichs Incorporated and Jefferies & Company, Inc. 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). from the offering, including the overallotment (approximately $29.1 million), were used to pay indebtedness incurred to fund the recent Chevron acquisition of offshore Alabama properties and also will be used to fund a portion of the Company's 1997 and 1998 and capital expenditure budgets. 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. 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. 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. CONTACT: Callon Petroleum Company, Natchez John Weatherly, 800/451-1294 |
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