Callon Reports Its Vermilion Block 130 Well Online.NATCHEZ, Miss.--(BUSINESS WIRE)--July 14, 1998--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 its Vermilion vermilion, vivid red pigment of durable quality. It is a chemical compound of mercury and sulfur and is known as red sulfide of mercury; it was formerly obtained by grinding pure cinnabar but is now commonly prepared synthetically. Block 130 No. 1 well has commenced production and is producing 22 million cubic feet of natural gas and 73 barrels of oil per day with a flowing pressure of 8,000 pounds per square inch Noun 1. pounds per square inch - a unit of pressure psi pressure unit - a unit measuring force per unit area . This increases Callon's net production by approximately 4.6 million cubic feet of natural gas equivalent per day (MMcfe/d). Callon holds a 25 percent working interest in Vermilion Block 130 with the balance held by the operator, Murphy Exploration & Production Company, a Murphy Oil Corporation (NYSE:MUR Mur (m  r), Hung., Slovenian, and Croatian Mura (m `rä), river, c. ) subsidiary.In March, 1998 the well reached a total measured depth of 14,134 feet (total vertical depth of 13,575 feet) and encountered approximately 85 feet of net gas pay in three intervals. Fred L. Callon, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , explains, "This well will increase our gas production by approximately 10 percent." The company expects its 1998 production to be more than 85 percent natural gason an energy equivalent basis. 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.
CONTACT: Callon Petroleum Company, Natchez
John S. Weatherly, 800/451-1294
http://www.callon.com
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