Callon Reports New Reservoir Discoveries At Eugene Island Block 335.NATCHEZ, Miss.--(BUSINESS WIRE)--Jan. 7, 1998--Callon Petroleum Company (Nasdaq/NMS: CLNP CLNP - ConnectionLess Network Protocol , CLNPP) announced today that the Eugene Island Eugene Island is a submerged mountain 70-85 miles off the Louisiana coast in the Gulf of Mexico. The nearby oil field Eugene Island 330 is best known for its unusual depletion profile. According to the article "Sustainable Oil?" by Chris Bennett WorldNetDaily. Block 335 No. A-3 well, operated by Murphy Exploration & Production Company, a Murphy Oil Murphy Oil Corporation NYSE: MUR is a petroleum corporation. It is a S&P 500 company. In 2007, it was ranked as the 169th largest company in America on the Fortune 500. The current President & CEO is Claiborne Deming. Corporation (NYSE NYSE See: New York Stock Exchange : MUR Mur (m  r), Hung., Slovenian, and Croatian Mura (m `rä), river, c. ) subsidiary, has been drilled to a measured depth of 7,540 feet (true vertical depth of 6,000 feet) and has encountered approximately 170 feet of net oil and gas pay in four intervals. All four intervals are fault separated from potentially productive reservoirs encountered in the previously drilled No.A-1 and No.A-2 wells. One oil bearing pay sand encountered by the No.A-3 well was not seen in either of the two earlier wells. This well extends the Eugene Island 335 field to a new fault block. The field was discovered in October by the Eugene Island 335 No.1 well which encountered approximately 300 feet of net oil and gas pay in three intervals. The three wells have encountered a total of six pay sands which, with fault separations, form eight potentially productive reservoirs. Callon holds a 20 percent working interest in Eugene Island Block 335 with the balance held 60 percent by Murphy Exploration & Production Company and 20 percent by Santos Santos (sän`t s), city (1996 pop. 412,288), São Paulo state, SE Brazil, on the island of São Vicente in the Atlantic just off the mainland. USA Corp. 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 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. CONTACT: Callon Petroleum Co., Natchez John S. Weatherly, 800/451-1294 |
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