Callon Petroleum announces $50 million credit facility.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)--Nov. 6, 1996--Callon Petroleum Company (Nasdaq NMS See NetWare Management System. : CLNP/CLNPP) announced today it has entered into a $50 million credit facility with The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Thirteen million dollars was advanced under the new facility for repayment of existing debt. The credit facility has an initial borrowing base of $30 million, with a maturity date of Oct. 31, 2000. The company's borrowing base will be redetermined periodically based upon, among other things, current-year production and reserve additions. The credit agreement contains various covenants and restrictions common to borrowings of this type as well as maintenance of certain financial ratios. 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, 800/451-1294 |
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