Callon Petroleum Company Issues Guidance For Third Quarter, Full Year 2005.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. -- 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 ) is issuing guidance for the third quarter and full year 2005. The guidance, found in the table below, is expressed in ranges for the detailed components.
Third Quarter and Full Year 2005
Guidance Estimates
(In thousands, except per production unit amounts)
Guidance for Guidance for
3rd Quarter 2005 Full Year 2005
---------------- --------------
Estimated production volumes:
Natural gas (Bcf) 2.0 - 2.2 10.0 - 11.0
Crude oil (Mbo) 555 - 615 2,315 - 2,550
MMcfe/d 58 - 64 65 - 72
Lease operating expenses:
Cash $6,000 - $6,700 $24,800 - $26,100
Non-cash -- --
------------------ ------------------
Total $6,000 - $6,700 $24,800 - $26,100
General and administrative
expenses:
Cash $1,200 - $1,400 $4,800 - $5,400
Non-cash 450 - 550 2,800 - 3,000
------------------ ------------------
Total $1,650 - $1,950 $7,600 - $8,400
Interest expense:
Cash $3,400 - $3,800 $14,800 - $15,500
Non-cash 500 - 600 2,000 - 2,200
------------------ ------------------
Total $3,900 - $4,400 $16,800 - $17,700
Medusa Spar LLC, net of tax $375 - $425 $1,800 - $1,900
DD & A - Oil and gas properties $12,400 - $13,700 $56,000 - $61,000
Accretion expense $800 - $900 $3,200 - $3,400
Amortization of premiums on
derivative contracts $350 - $425 $1,500 - $1,600
Income tax rate 35% 35%
Cash income tax rate 0% 0%
Listed below are the outstanding hedges for natural gas and crude oil
by quarter for the remainder of 2005.
FOR THE QUARTER ENDED
---------------------
9/30/05 12/31/05
Natural Gas
---------------------
Collars Volume (Mmcf) 900 300
Ceiling $7.75 $7.75
Floor $5.50 $5.50
Put Volume (Mmcf) 1,470 690
Floor Price $5.00 $5.00
Crude Oil
-------------------
Swaps Volume (Mbo) 45 45
Strike Price $55.00 $55.00
Collars Volume (Mbo) 135 135
Ceiling $41.17 $41.17
Floor $33.00 $33.00
Collars Volume (Mbo) 91 91
Ceiling $51.98 $51.98
Floor $40.00 $40.00
Put Volume (Mbo) 21 21
Floor Price $35.00 $35.00
The preceding guidance estimates contain assumptions that we believe are reasonable. These estimates are based on information that is available as of the date of this news release. We are not undertaking any obligation to update these estimates as conditions change or as additional information becomes available. Callon Petroleum Company is engaged in the exploration, development, acquisition and operation of oil and gas properties primarily in the Gulf Coast region. Callon's properties and operations are geographically ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge 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 is posted on the company's website at www.callon.com and will be archived there for subsequent review. It can be accessed from the "News Releases" link on the left side of the homepage See home page. . The company would like to point out that 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. Some of the factors which could affect our future results and could cause results to differ materially from those expressed in our forward-looking statements include: --general economic conditions; --volatility of oil and natural gas prices; --uncertainty of estimates of oil and natural gas reserves; --impact of competition; --availability and cost of seismic, drilling and other equipment; --operating hazards
Hazards is an independent, union-friendly magazine based in Sheffield, England, which has won major international awards. inherent in the exploration for and production of oil and natural gas; --difficulties encountered during the exploration for and production of oil and natural gas; --difficulties encountered in delivering oil and natural gas to commercial markets; --changes in customer demand and producers' supply; --uncertainty of our ability to attract capital; --compliance with, or the effect of changes in, the extensive governmental regulations regarding the oil and natural gas business; --actions of operators of our oil and gas properties; --weather conditions; and --the risk factors discussed in our filings with the Securities and Exchange Commission, including but not limited to those in our Annual Report for the year ended December December: see month. 31, 2004 on 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. . The preceding estimates reflect our review of continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the only. These estimates do not take into account any material transactions such as sales of debt and equity securities, acquisitions or divestitures of assets, and formations of joint ventures. We continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. review these types of transactions and may engage in one or more of these types of transactions without prior notice. |
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