Callon Purchases Additional Offshore Alabama Properties for $7.5 Million.NATCHEZ, Miss.--(BUSINESS WIRE)--Aug. 21, 1997--Callon Petroleum Company (Nasdaq NMS See NetWare Management System. : CLNP/CLNPP) announced today it has acquired offshore Alabama interests from Koch Exploration Company for $7.5 million. The purchase includes a 33.3 percent working interest in Mobile Area Blocks 952 and 953, located in the Outer Continental Shelf In the federal United States, the Outer Continental Shelf (OCS) consists of the submerged lands, subsoil, and seabed, lying between the seaward extent of the States' jurisdiction and the seaward extent of Federal jurisdiction. (OCS OCS - Object Compatibility Standard ) 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 . The sale was effective August 1, 1997. The two producing wells on the acquired blocks are located about 16 miles south/southwest of Callon's North Dauphin Island Field and are currently producing approximately 10 million cubic feet of natural gas per day (MMcf/d) from a Shallow Miocene reservoir at a 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 2,600 feet. The current production rate yields 3 MMcf/d to Callon's 27.8 percent net revenue interest. The company believes additional drilling opportunities exist on the blocks. 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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