Callon purchases Santa Fe's interest in Chandeleur Block 41, Main Pass Blocks 159, 161.NATCHEZ, Miss.--(BUSINESS WIRE)--Oct. 2, 1996--Callon Petroleum Company (Nasdaq NMS See NetWare Management System. :CLNP/CLNPP) announced today it has acquired the remaining working interest in Chandeleur Block 41 and Main Pass Blocks 159 and 161 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 from Sante Fe Energy Resources, Inc. Terms of the transaction were not disclosed. This brings Callon's total working interests in these three blocks to 100 percent. "With this transaction we've again strengthened our ownership position in a concentration of eight contiguous blocks within our Shallow Miocene focus area," explains Fred Callon, company president. "We now have 100 percent ownership if five of these blocks and an average 50 percent interest in the remaining three. Before year's end we plan to drill up to three wells on these blocks which, if successful, could significantly increase our natural gas production rate." 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, CFO See Chief Financial Officer. , 800/451-1294 |
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