Callon Petroleum Company Deepwater Drilling Update.Business Editors NATCHEZ, Miss.--(BUSINESS WIRE)--Nov. 7, 2000 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 an exploratory well testing the Cumberland Prospect on Green Canyon Block 297 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 was unsuccessful. The company had a 7.5 percent working interest in the well. Drilling costs net to Callon are estimated to be $2.1 million and under full cost accounting rules will not be a direct charge to fourth quarter 2000 results. The rig Noble Jim Thompson has commenced drilling the company's Moccasin moccasin, in footwear moccasin, skin shoe worn by indigenous people of North America, excepting the sandal wearers of the Southwest area. There were two general types of moccasins, the hard-soled, which was used in the Eastern woodlands and the Southeast Prospect, located on Garden Banks Blocks 253 and 297 and approximately five miles to the north of Callon's 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. Discovery (Garden Banks Block 341). The company has a 12.5 percent working interest. 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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