{"s" : "cpe","k" : "c10,l10,p20,t10","o" : "","j" : ""} Press Release Source: Callon Petroleum Company On Tuesday January 26, 2010, 6:30 pm EST NATCHEZ, Miss.--(BUSINESS WIRE)--Callon Petroleum Company (NYSE: CPE - News) today announced it has received $44.7 million from the U.S. Department of the Interior’s Minerals Management Service (MMS) to reimburse the company for the overpayment of royalties at its Medusa Field in the Deepwater Region of the Gulf of Mexico.
Callon Petroleum Company is engaged in the acquisition, development, exploration and operation of oil and gas properties in Louisiana, Texas and the offshore waters of the Gulf of Mexico.
It should be noted that 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. Some of the factors which could affect our future results and could cause results to differ materially from those expressed in our forward-looking statements are discussed in our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, available on our website or the SEC’s website at www.sec.gov.
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Take over target. Look at the reserves, and now they have an additional $44 million in cash.
Callon Petroleum Company engages in the acquisition, exploration, development, and production of oil and gas properties in the onshore and offshore Gulf Coast region, the United States. As of December 31, 2008, its estimated net proved reserves totaled 54.8 billion cubic feet of natural gas equivalent, including 6.0 million barrels of oil and 18.7 billion cubic feet of natural gas. The company owned working interests in a total of 86 blocks/leases covering 193,000 net acres. Callon Petroleum Company was founded in 1950 and is headquartered in Natchez, Mississippi.
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Uptrend Spotted in Shares of Callon Petroleum (CPE) 30 minutes ago - Comtex Smartrend(r)
Related Companies Symbol Last %Chg CPE 2.33 15.35%
As of 10:41 AM ET 1/27/10 SmarTrend identified an Uptrend for Callon Petroleum (NYSE:CPE) on January 11, 2010 at $1.92. In approximately 2 weeks, Callon Petroleum has returned 22.4% as of today's recent price of $2.35.
Callon Petroleum is currently above its 50-day moving average of $1.68 and above its 200-day moving average of $1.87. Look for these moving averages to climb to confirm the company's upward momentum.
SmarTrend will continue to scan these moving averages and a number of other proprietary indicators for any shifts in the trajectory of Callon Petroleum shares.
Write to Chip Brian at cbrian@tradethetrend.com
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Item 8.01. Other Events Callon Petroleum Company announced on January 26, 2010, that it has received $44.7 million from the U. S. Department of the Interior's Mineral Management Service (MMS) to reimburse the company for the overpayment of royalties at its Medusa Field in the Deepwater Region of the Gulf of Mexico.
Item 9.01. Financial Statements and Exhibits (c) Exhibits
Exhibit Number Title of Document
99.1 Press release dated January 26, 2010 announcing the receipt of $44.7 million from the MMS to reimburse the company for the overpayment of royalties at its Medusa Field in the Deepwater Region of the Gulf of Mexico.
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