Callon Petroleum Company Completes Medusa Spar Transaction.Energy Editors/Business Editors NATCHEZ, Miss.--(BUSINESS WIRE)--Dec. 18, 2003 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 that the formation of a limited liability company, Medusa Spar LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , which will own a 75% undivided ownership interest in the deepwater production spar on the Medusa Field in 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 , has been completed. Callon contributed its 15% undivided ownership interest in the production facility to the LLC and retained a 10% ownership interest in the LLC. The LLC will earn a tariff based upon production volume throughput. The LLC is owned by Oceaneering International, Inc. (NYSE:OII OII Oxford Internet Institute (UK) OII Office of Innovation and Improvement OII Occupational Injury or Illness OII Open Information Interchange OII Online Innovation Institute OII Operations-Intelligence Interface ), Murphy Exploration & Production Company - USA, a subsidiary of Murphy Oil Corporation (NYSE:MUR Mur (m  r), Hung., Slovenian, and Croatian Mura (m `rä), river, c. ), and Callon. Callon will realize cash proceeds of $25 million from the transfer to the LLC and the proceeds of related non-recourse financing. The Medusa spar is moored in over 2,200 feet of water in the Gulf of Mexico at Mississippi Canyon Block 582. Production through the spar commenced November 24, 2003. 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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