OilVoice - Callon Petroleum Completes Acquisition of West Texas Properties

Callon Petroleum Completes Acquisition of West Texas Properties

Thursday, October 29, 2009

Callon Petroleum Company has completed the acquisition of interests in Wolfberry production and development properties located in Crockett, Ector, Midland and Upton Counties, Texas, from Ambrose Energy I, Ltd., a subsidiary of ExL Petroleum, LP. The purchase price of $16.25 million is subject to standard industry closing adjustments. The effective date of the sale is September 1, 2009.

The acquisition includes 1.6 million barrels of oil equivalent of proved reserves, 23 wells producing 475 net barrels of oil equivalent per day, 4 uphole recompletion targets, 14 proved undeveloped locations and 142 non-proven, 40-acre drilling locations.

The company will operate substantially all of the production and development.

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