Callon Petroleum Company Posts 26% Reserve Growth.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.--(BUSINESS WIRE)--Jan. 14, 1997--Callon Petroleum Company (Nasdaq NMS See NetWare Management System. : CLNP/CLNPP) announced today that its total proved oil and gas reserves at the end of 1996 reached 73.3 billion cubic feet of natural gas equivalent (Bcfe). This represents a 26 percent increase from the previous year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. and a reserve replacement rate equal to 254 percent of the company's 1996 production of 9.8 Bcfe. The increase of 1996 proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. primarily is attributed to fourth quarter drilling operations in the company's shallow Miocene focus area. At Main Pass Block 163, the company's No. A-1 well encountered 54 feet of net pay in a new reservoir discovery at a true vertical subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". depth of approximately 3,300 feet. By year-end, it was producing at the rate of 18 million cubic feet per day. Callon owns a 100 percent working interest in the No. A-1 well and the supporting production facilities. At Chandeleur Block 40, the company's No. A-3 well, a field extension, encountered 44 feet of net pay at a true vertical subsea depth of approximately 3,855 feet. On Dec. 31, 1996, it was producing at the rate of 21 million cubic feet per day. Callon owns a 52 percent working interest in this block. At year-end 1996, estimates of future net cash flow from the company's proved reserves based upon constant prices totalled $216.2 million, and the pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta present value -- discounted 10 percent -- of the reserves is estimated to be $160.2 million, a 151 percent increase from $63.8 million at year-end 1995. 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 S. Weatherly, 1-800-451-1294 |
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