0000928022-12-000126.txt : 20121108 0000928022-12-000126.hdr.sgml : 20121108 20121108122055 ACCESSION NUMBER: 0000928022-12-000126 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20121107 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121108 DATE AS OF CHANGE: 20121108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALLON PETROLEUM CO CENTRAL INDEX KEY: 0000928022 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 640844345 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14039 FILM NUMBER: 121189111 BUSINESS ADDRESS: STREET 1: 200 N CANAL ST CITY: NATCHEZ STATE: MS ZIP: 39120 BUSINESS PHONE: 6014421601 MAIL ADDRESS: STREET 1: 200 N CANAL ST CITY: NATCHEZ STATE: MS ZIP: 39120 FORMER COMPANY: FORMER CONFORMED NAME: CALLON PETROLEUM HOLDING CO DATE OF NAME CHANGE: 19940805 8-K 1 a2012-q3form8xkearningsgui.htm CALLON PETROLEUM COMPANY FORM 8-K 2012-Q3 Form 8-K Earnings & Guidance Releases


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934


Date of Report
November 7, 2012
(Date of earliest event reported)
Callon Petroleum Company
(Exact name of registrant as specified in its charter)


Delaware
001-14039
64-0844345
(State or other jurisdiction of
(Commission File Number)
(I.R.S. Employer
incorporation or organization)
 
Identification Number)

                    
200 North Canal St.
Natchez, Mississippi 39120
(Address of principal executive offices, including zip code)


(601) 442-1601
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition

The following information, including the press release attached as Exhibits 99.1 and 99.3, is being furnished pursuant to Item 2.02 “Results of Operations and Financial Condition,” not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This information shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

On November 7, 2012, Callon Petroleum Company issued the press release, attached as Exhibit 99.1, providing information regarding the company's operating results for the third quarter ended September 30, 2012.

As disclosed in a press release dated October 5, 2012, attached as Exhibit 99.3, Callon Petroleum Company announced that its conference call reporting third quarter 2012 results would be held on Thursday, November 8, 2012 beginning at 1:00 p.m. Central Daylight Time.

Section 7 - Regulation FD

Item 7.01. Regulation FD Disclosure

The following information, including the press release attached as Exhibit 99.2, is being furnished pursuant to Item 7.01 “Regulation FD Disclosure,” not filed, for purposes of Section 18 of the Exchange Act. This information shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

On November 7, 2012, Callon Petroleum Company issued the press release, attached as Exhibit 99.2, announcing guidance for the full-year 2012.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit Number
 
Title of Document
 
 
 
99.1
 
Press release dated November 7, 2012 providing information regarding Callon Petroleum Company's operating results for the third quarter ended September 30, 2012.
 
 
 
99.2
 
Press release dated November 7, 2012 announcing guidance for the full-year 2012.
 
 
 
99.3
 
Press release dated October 5, 2012 announcing that its conference call reporting third quarter 2012 results would be held on Thursday, November 8, 2012 beginning at 1:00 p.m. Central Daylight Time.
 
 
 






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 


 
 
Callon Petroleum Company
 
 
(Registrant)
 
 
 
November 8, 2012
 
By:  /s/ B. F. Weatherly
 
 
B.F. Weatherly
 
 
Executive Vice President and Chief Financial Officer
 
 
 



Exhibit Index

Exhibit Number
 
Title of Document
 
 
 
99.1
 
Press release dated November 7, 2012 providing information regarding Callon Petroleum Company's operating results for the third quarter ended September 30, 2012.
 
 
 
99.2
 
Press release dated November 7, 2012 announcing guidance for the full-year 2012.
 
 
 
99.3
 
Press release dated October 5, 2012 announcing that its conference call reporting third quarter 2012 results would be held on Thursday, November 8, 2012 beginning at 1:00 p.m. Central Daylight Time.
 
 
 



 EX-99.1 2 a2012-q3earningsresultsrel.htm EXHIBIT 99.1: OPERATING RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 20, 2012 2012-Q3 Earnings Results Release


EXHIBIT 99.1

Callon Petroleum Company Reports Results For The Third Quarter of 2012

Natchez, MS (November 7, 2012) - Callon Petroleum Company (NYSE: CPE) (“Callon” or the “Company”) today reported results of operations for the three-month period ended September 30, 2012.

The Company highlighted the recent operational activity and third quarter financial results:

•
Continued strong performance from the horizontal Wolfcamp B shale program, with average daily production rates of 576 Boe per well on a 30-day basis.
•
Initiated completion operations on the Vickie Newton 3801 #1H, a horizontal well targeting the Cline shale and drilling of the Shirly Newton 2301 #1H, a horizontal well targeting the Mississippian lime.
•
Expanded the Company's Permian acreage position in the Midland Basin to 32,649 total net acres, adding 6,964 net acres in the northern Midland Basin at an average price of $696 per acre since July 1, 2012.
•
Revenue of $27.4 million from daily production of 4,337 barrels of oil equivalent (“Boe”) of production, or $68.67 per Boe produced.
•
Net loss of $0.03 per share, which includes a $0.03 charge related to a non-cash, mark-to-market of the Company's derivative positions.
•
Discretionary cash flow, a non-GAAP financial measure, of $0.33 per diluted share.

Fred Callon, Chairman and CEO commented, “Our production profile is beginning to reflect the impact of our horizontal drilling program that we began earlier this year. We produced over 2,100 Boe per day from our Permian operations during the month of October, a 60% increase over our 2011 exit rate. In addition to a total inventory of over 70 identified horizontal Wolfcamp shale locations on our southern Midland Basin acreage, we are in the process of evaluating two additional horizontal oil plays targeting the Cline shale and Mississippian lime in the northern portion of the basin. These emerging plays represent a potential catalyst for acceleration of our drilling activity in the Permian beyond our foundation of horizontal Wolfcamp opportunities.”

Drilling Activity Update

Southern Midland. Production from Callon's initial two horizontal wells targeting the Wolfcamp B shale zone at its East Bloxom field in Upton County has averaged 576 Boe per day (gross) over the first 30 days of hydrocarbon production. Callon currently plans to recommence its drilling program in early 2013 at East Bloxom, targeting both the Wolfcamp A and Wolfcamp B shale zones.

The Company's third horizontal Wolfcamp B well, the Pembrook 9121H, is scheduled to begin drilling in late November at the Taylor Draw field in southern Reagan County.

Callon's vertical drilling program is currently focused on its Pecan Acres field in Midland County and CH Ranch field in Glasscock County. Three wells in Section 23 of the Pecan Acres field were completed in the third quarter and are in the process of flowing back, and two additional wells are awaiting completion. The Company will be evaluating the potential of deeper zones within this package of wells, completing two wells below the Strawn interval. At CH Ranch, one well targeting the Fusselman formation is awaiting completion during the fourth quarter of 2012.

Northern Midland. Callon is currently completing the Vickie Newton #3801 which is targeting the Cline shale in a lateral section totaling 6,679 feet. The Company is also in the process of drilling the lateral portion of the Shirly Newton 2301 #1H, a horizontal well targeting the Mississippian lime that is currently expected to be completed in December 2012.

Deepwater Gulf of Mexico. The Habanero #2 sidetrack is scheduled to commence drilling in December. In addition, Callon is continuing discussions with the working interest partner group regarding future development drilling plans at the Medusa field.
In 2013, Callon currently expects the Medusa field to be shut-in for 30 days for modifications to the West Delta 143 pipeline system, and Habanero to be shut-in for 74 days for both scheduled maintenance and the tie-in of the Cardamom project to the Auger tension leg platform facility.





Summary Financial Results

Operating Revenues. Operating revenues for the three months ended September 30, 2012 include oil and natural gas sales of $27.4 million from average production of 4,337 Boe per day. These results compare with oil and natural gas sales of $33.6 million from average production of 5,261 Boe per day during the comparable 2011 period.

Oil revenues decreased 9% to $24.1 million for the three months ended September 30, 2012 compared to revenues of $26.5 million for the same period of 2011. Contributing to the decrease in oil revenue was a 2% decrease in commodity prices compounded by a 7% decrease in production. The average price realized decreased to $95.86 per barrel compared to $98.27 for the same period of 2011. Production decreased to 251 thousand barrels (“MBbls”) during the third quarter of 2012 compared to production of 270 MBbls during the same period in 2011. The decrease in production was primarily attributable to approximately 39 days of downtime at our Habanero field for scheduled maintenance to the Auger Facility, combined with downtime at our Medusa and Habanero fields attributable to Hurricane Isaac. Excluding the effect of this downtime at our deepwater fields, oil production in the third quarter of 2012 compared to the same quarter of 2011 would have been relatively unchanged. Further contributing to the decrease were the normal and expected declines in production from our offshore properties. These production declines were offset by increased production from our Permian operations.

Natural gas revenues of $3.3 million decreased 52% during the three months ended September 30, 2012 as compared to natural gas revenues of $7.0 million for the same period of 2011. Contributing to the decline was a 31% decrease in the average price realized, which fell to $3.76 per thousand cubic feet of natural gas (“Mcf”) from $5.46 per Mcf, and a 31% decrease in natural gas production, driven primarily by down time at our East Cameron 257 well, which was suspended in the fourth quarter of 2011 due to a natural gas leak in an upstream section of the Stingray Pipeline that transports production volumes from the field. Production from our East Cameron 257 well is expected to resume once the pipeline is brought back online during the first quarter of 2013. Excluding the effect of this downtime at East Cameron 257, natural gas production decreases in the third quarter of 2012 compared to the same quarter of 2011 would have been approximately 20%. Also, the downtime at our Habanero and Medusa fields discussed previously, combined with normal and expected declines in natural gas production from our other wells, contributed to the period-to-period decline.

Our oil price realizations exceeded NYMEX prices by $3.64 per Bbl in the third quarter of 2012 due to hedging impacts and the premium received on our offshore production, partially offset by Permian Basin differentials and transportation costs. Our natural gas price realizations on a million British thermal unit (“MMBtu”) equivalent basis exceeded the related NYMEX prices by $0.86 per Mcf in the third quarter of 2012 primarily due to the value of the natural gas liquids in our Permian Basin and offshore natural gas streams. On a combined hydrocarbon equivalent basis, Callon received $68.67 per barrel of oil equivalent produced for the third quarter of 2012.

Lease Operating Expenses. Lease operating expenses for the three months ended September 30, 2012 were relatively unchanged at $5.9 million compared to $6.0 million for the same period in 2011. The decrease was primarily due to lower deepwater property throughput charges related to reduced production volumes from scheduled downtime and hurricane impacts, partially offset by cost increases related to the significant growth in the number of wells now producing on our Permian Basin properties.

General and Administrative Expenses. General and administrative expenses, net of amounts capitalized, increased to $6.4 million for the three months ended September 30, 2012 from $3.5 million for the same period of 2011. In addition to the hiring of additional staff to support our growth initiatives, the variance includes an increase of $2.5 million in the non-cash valuation adjustment required to mark a portion of our share-based awards to fair value and non-recurring additional employee-related costs, including early retirement expense, of $0.5 million.

Interest Expense. Interest expense on our debt obligations decreased 22% to $2.1 million for the three months ended September 30, 2012 compared to $2.7 million for the same period of 2011. The decrease relates to the redemption of $10.0 million principal of Senior Notes during June 2012 in addition to a $0.5 million increase in capitalized interest compared to 2011, partially offset by interest expense related to an increase in bank borrowings.

Net Income. For the three months ended September 30, 2012, the Company reported a net loss of $1.1 million and $0.03 per share, compared to net income and diluted earnings per share of $8.4 million and $0.21, respectively for the same period of 2011. Included in the three months ended September 30, 2012 was an after-tax loss of $1.1 million and $0.03 per share related to a mark-to-market of the Company's derivative positions.





Discretionary Cash Flow. Discretionary cash flow for the three months ended September 30, 2012 totaled $13.0 million compared to $20.0 million during the comparable prior year period. Net cash flow provided by operating activities, as defined by U.S. GAAP, was $13.9 million for the three months ended September 30, 2012, and $27.0 million for the comparable prior year period. (See “Non-GAAP Financial Measures” that follows and the accompanying reconciliation of discretionary cash flow, a non-GAAP measure, to net cash flow provided by operating activities.)

Capital Expenditures. Callon's total capital expenditures for the nine months ended September 30, 2012 were $115.4 million and included the following amounts (in millions):

Southern Midland Basin
 
$
57.9

Northern Midland Basin
 
11.1
 
Leasehold acquisitions
 
34.4
 
Gulf of Mexico
 
1.5
 
Capitalized general and administrative and interest expenses
 
10.5
 
Total capital expenditures
 
$
115.4


The following table summarizes drilled and completed wells through September 30, 2012:

 
 
Drilling
 
Completion
 
 
Gross
 
Net
 
Gross
 
Net
Southern Midland Basin vertical wells
 
15

 
10.7

 
19

 
14.8

Southern Midland Basin horizontal wells
 
2

 
2.0

 
2

 
2.0

Northern Midland Basin vertical wells
 
1

 
0.8

 
—

 
—

Northern Midland Basin horizontal wells
 
1

 
1.0

 
—

 
—

Total
 
19

 
14.5

 
21

 
16.8


Liquidity. At November 1, 2012, the Company's total liquidity position was $37.5 million comprised of a cash balance of $1.5 million and borrowing availability of $36.0 million under its revolving credit facility with a current borrowing base of $80.0 million that was established in October 2012.

Third Quarter 2012 Conference Call
A conference call to discuss this release has been scheduled for Thursday, November 8, 2012 at 1:00 pm CDT. The telephone number to access the conference call is 1-877-317-6789 (toll-free). The conference call will also be webcast live on the Internet, and can be accessed by accessing Callon's website at www.callon.com in the "Investors" section of the website. A Q&A period will follow. An archive of the conference call webcast will also be available at www.callon.com in the "Investors” section of the website.





Non-GAAP Financial Measures. This news release refers to non-GAAP financial measures as “discretionary cash flow”. Callon believes that the non-GAAP measure of discretionary cash flow is useful as an indicator of an oil and gas exploration and production company's ability to internally fund exploration and development activities and to service or incur additional debt. The Company also has included this information because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements which the company may not control and may not relate to the period in which the operating activities occurred.

Reconciliation of Non-GAAP Financial Measures:
The following table reconciles discretionary cash flow to net cash flow provided by operating activities (in thousands):

 
Three Months Ended
September 30,
 
 
 
Nine Months Ended
September 30,
 
 
 
2,012
 
2,011
 
Change
 
2,012
 
2,011
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
Discretionary cash flow
$
12,960

 
$
19,989

 
$
(7,029
)
 
$
38,595

 
$
56,996

 
$
(18,401
)
Net working capital changes and other changes
984

 
6,982

 
(5,998
)
 
2,790

 
933

 
1,857

Net cash flow provided by (used in) operating activities
$
13,944

 
$
26,971

 
$
(13,027
)
 
$
41,385

 
$
57,929

 
$
(16,544
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discretionary cash flow
$
12,960

 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding for diluted net income (loss) per share
39,575

 
 
 
 
 
 
 
 
 
 
Discretionary cash flow per diluted share
$
0.33

 
 
 
 
 
 
 
 
 
 




Other Financial and Operational Tables:
 
 
Three Months Ended September 30,
 
 
 
 
2,012
 
2,011
 
Change
 
% Change
 
Net production:
 
 
 
 
 
 
 
 
 
Crude oil (MBbls)
 
251
 
 
 
270
 
 
 
(19
)
 
 
(7
)
%
 
Natural gas (MMcf)
 
890
 
 
 
1,284
 
 
 
(394
)
 
 
(31
)
%
 
Total production (Mboe)
 
399
 
 
 
484
 
 
 
(85
)
 
 
(18
)
%
 
Average daily production (MBoe)
 
4.3
 
 
 
5.3
 
 
 
(0.9
)
 
 
(17
)
%
 
 
 
 
 
 
 
 
 
 
 
Average realized sales price (a):
 
 
 
 
 
 
 
 
 
Crude oil (Bbl)
 
$
95.86

 
 
$
98.27

 
 
$
(2.41
)
 
 
(2
)
%
 
Natural gas (Mcf)
 
$
3.76

 
 
$
5.46

 
 
$
(1.70
)
 
 
(31
)
%
 
Total on an equivalent basis (Boe)
 
$
68.67

 
 
$
69.31

 
 
$
(0.64
)
 
 
(1
)
%
 
 
 
 
 
 
 
 
 
 
 
Crude oil and natural gas revenues (in thousands):
 
 
 
 
 
 
 
 
 
Crude oil revenue
 
$
24,061

 
 
$
26,537

 
 
$
(2,476
)
 
 
(9
)
%
 
Natural gas revenue
 
3,341
 
 
 
7,013
 
 
 
(3,672
)
 
 
(52
)
%
 
Total
 
$
27,402

 
 
$
33,550

 
 
$
(6,148
)
 
 
(18
)
%
 
 
 
 
 
 
 
 
 
 
 
Additional per Boe data:
 
 
 
 
 
 
 
 
 
Sales price
 
$
68.67

 
 
$
69.31

 
 
$
(0.64
)
 
 
(1
)
%
 
Lease operating expense
 
14.69
 
 
 
12.35
 
 
 
2.34
 
 
 
19

%
 
Operating margin
 
$
53.98

 
 
$
56.96

 
 
$
(2.98
)
 
 
(5
)
%
 
 
 
 
 
 
 
 
 
 
 
Other expenses per Boe:
 
 
 
 
 
 
 
 
 
Depletion, depreciation and amortization
 
$
29.99

 
 
$
26.88

 
 
$
3.11

 
 
12

%
 
General and administrative
 
16.14
 
 
 
7.16
 
 
 
8.98
 
 
 
125

%
 
 
 
 
 
 
 
 
 
 
 
(a) Below is a reconciliation of the average NYMEX price to the average realized sales price:
 
 
 
 
 
 
 
 
 
 
 
 
Average NYMEX price per barrel of crude oil
 
$
92.22

 
 
$
89.78

 
 
$
2.44

 
 
3

%
 
Basis differential and quality adjustments
 
3.28
 
 
 
9.10
 
 
 
(5.82
)
 
 
(64
)
%
 
Transportation
 
(0.68
)
 
 
(0.94
)
 
 
0.26
 
 
 
(28
)
%
 
Hedging
 
1.04
 
 
 
0.33
 
 
 
0.71
 
 
 
215

%
 
Average realized price per barrel of crude oil
 
$
95.86

 
 
$
98.27

 
 
$
(2.41
)
 
 
(2
)
%
 
 
 
 
 
 
 
 
 
 
 
Average NYMEX price per million British thermal units (“MMBtu”)
 
$
2.90

 
 
$
4.29

 
 
$
(1.39
)
 
 
(32
)
%
 
Basis differential, quality and Btu adjustments
 
0.86
 
 
 
1.17
 
 
 
(0.31
)
 
 
(26
)
%
 
Hedging
 
—
 
 
 
—
 
 
 
—
 
 
 
—

%
 
Average realized price per Mcf of natural gas
 
$
3.76

 
 
$
5.46

 
 
$
(1.7
)
 
 
(31
)
%
 




 
 
Nine Months Ended September 30,
 
 
 
 
2,012
 
2,011
 
Change
 
% Change
 
Net production:
 
 
 
 
 
 
 
 
 
Crude oil (MBbls)
 
716
 
 
 
746
 
 
 
(30
)
 
 
(4
)
%
 
Natural gas (MMcf)
 
2,695
 
 
 
4,014
 
 
 
(1,318
)
 
 
(33
)
%
 
Total production (Mboe)
 
1,165
 
 
 
1,415
 
 
 
(250
)
 
 
(18
)
%
 
Average daily production (MBoe)
 
4.3
 
 
 
5.2
 
 
 
(0.9
)
 
 
(17
)
%
 
 
 
 
 
 
 
 
 
 
 
Average realized sales price (a):
 
 
 
 
 
 
 
 
 
Crude oil (Bbl)
 
$
100.39

 
 
$
99.82

 
 
$
0.57

 
 
1

%
 
Natural gas (Mcf)
 
$
3.77

 
 
$
5.33

 
 
$
(1.56
)
 
 
(29
)
%
 
Total on an equivalent basis (Boe)
 
$
70.44

 
 
$
67.75

 
 
$
2.69

 
 
4

%
 
 
 
 
 
 
 
 
 
 
 
Crude oil and natural gas revenues (in thousands):
 
 
 
 
 
 
 
 
 
Crude oil revenue
 
$
71,883

 
 
$
74,428

 
 
$
(2,545
)
 
 
(3
)
%
 
Natural gas revenue
 
10,174
 
 
 
21,404
 
 
 
(11,230
)
 
 
(52
)
%
 
Total
 
$
82,057

 
 
$
95,832

 
 
$
(13,775
)
 
 
(14
)
%
 
 
 
 
 
 
 
 
 
 
 
Additional per Boe data:
 
 
 
 
 
 
 
 
 
Sales price
 
$
70.44

 
 
$
67.75

 
 
$
2.69

 
 
4

%
 
Lease operating expense
 
17.57
 
 
 
11.54
 
 
 
6.03
 
 
 
52

%
 
Operating margin
 
$
52.87

 
 
$
56.21

 
 
$
(3.34
)
 
 
(6
)
%
 
 
 
 
 
 
 
 
 
 
 
Other expenses per Boe:
 
 
 
 
 
 
 
 
 
Depletion, depreciation and amortization
 
$
30.90

 
 
$
25.27

 
 
$
5.63

 
 
22

%
 
General and administrative
 
13.60
 
 
 
8.12
 
 
 
5.48
 
 
 
67

%
 
 
 
 
 
 
 
 
 
 
 
(a) Below is a reconciliation of the average NYMEX price to the average realized sales price:
 
 
 
 
 
 
 
 
 
 
 
 
Average NYMEX price per barrel of crude oil
 
$
96.21

 
 
$
95.48

 
 
$
0.73

 
 
1

%
 
Basis differential and quality adjustments
 
3.84
 
 
 
5.84
 
 
 
(2.00
)
 
 
(34
)
%
 
Transportation
 
(0.74
)
 
 
(1.02
)
 
 
0.28
 
 
 
(27
)
%
 
Hedging
 
1.08
 
 
 
(0.48
)
 
 
1.56
 
 
 
(325
)
%
 
Average realized price per barrel of crude oil
 
$
100.39

 
 
$
99.82

 
 
$
0.57

 
 
1

%
 
 
 
 
 
 
 
 
 
 
 
Average NYMEX price per million British thermal units (“MMBtu”)
 
$
2.43

 
 
$
4.29

 
 
$
(1.86
)
 
 
(43
)
%
 
Basis differential, quality and Btu adjustments
 
1.34
 
 
 
1.04
 
 
 
0.30
 
 
 
29

%
 
Hedging
 
—
 
 
 
—
 
 
 
—
 
 
 
—

%
 
Average realized price per Mcf of natural gas
 
$
3.77

 
 
$
5.33

 
 
$
(1.56
)
 
 
(29
)
%
 




 
September 30, 2012
 
December 31, 2011
ASSETS
Unaudited
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,485

 
 
$
43,795

 
Accounts receivable
16,643
 
 
 
15,181
 
 
Fair market value of derivatives
2,013
 
 
 
2,499
 
 
Other current assets
1,359
 
 
 
1,601
 
 
Total current assets
21,500
 
 
 
63,076
 
 
Oil and natural gas properties, full-cost accounting method:
 
 
 
Evaluated properties
1,490,862
 
 
 
1,421,640
 
 
Less accumulated depreciation, depletion and amortization
(1,244,329
)
 
 
(1,208,331
)
 
Net oil and natural gas properties
246,533
 
 
 
213,309
 
 
Unevaluated properties excluded from amortization
45,672
 
 
 
2,603
 
 
Total oil and natural gas properties
292,205
 
 
 
215,912
 
 
 
 
 
 
Other property and equipment, net
12,374
 
 
 
10,512
 
 
Restricted investments
3,796
 
 
 
3,790
 
 
Investment in Medusa Spar LLC
8,809
 
 
 
9,956
 
 
Deferred tax asset
64,911
 
 
 
65,744
 
 
Other assets, net
2,004
 
 
 
717
 
 
Total assets
$
405,599

 
 
$
369,707

 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued liabilities
$
30,988

 
 
$
26,057

 
Asset retirement obligations
2,340
 
 
 
1,260
 
 
Fair market value of derivatives
224
 
 
 
—
 
 
Total current liabilities
33,552
 
 
 
27,317
 
 
13% Senior Notes:
 
 
 
Principal outstanding
96,961
 
 
 
106,961
 
 
Deferred credit, net of accumulated amortization of $17,018 and $13,123, respectively
14,489
 
 
 
18,384
 
 
Total 13% Senior Notes
111,450
 
 
 
125,345
 
 
 
 
 
 
Senior secured revolving credit facility
40,000
 
 
 
—
 
 
Asset retirement obligations
11,664
 
 
 
12,678
 
 
Other long-term liabilities
3,471
 
 
 
3,164
 
 
Total liabilities
200,137
 
 
 
168,504
 
 
Stockholders' equity:
 
 
 
Preferred Stock, $0.01 par value, 2,500 shares authorized;
—
 
 
 
—
 
 
Common stock, $0.01 par value, 60,000 shares authorized; 39,780 and 39,398 shares outstanding at September 30, 2012 and December 31, 2011, respectively
398
 
 
 
394
 
 
Capital in excess of par value
326,892
 
 
 
324,474
 
 
Other comprehensive income
279
 
 
 
1,624
 
 
Retained deficit
(122,107
)
 
 
(125,289
)
 
Total stockholders' equity
205,462
 
 
 
201,203
 
 
Total liabilities and stockholders' equity
$
405,599

 
 
$
369,707

 




 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2,012
 
2,011
 
2,012
 
2,011
Operating revenues:
 
 
 
 
 
 
 
 
Crude oil revenues
 
$
24,061

 
 
$
26,537

 
 
$
71,883

 
 
$
74,428

 
Natural gas revenues
 
3,341
 
 
 
7,013
 
 
 
10,174
 
 
 
21,404
 
 
Total oil and natural gas revenues
 
27,402
 
 
 
33,550
 
 
 
82,057
 
 
 
95,832
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
Lease operating expenses
 
5,859
 
 
 
5,980
 
 
 
20,465
 
 
 
16,324
 
 
Depreciation, depletion and amortization
 
11,965
 
 
 
13,013
 
 
 
35,998
 
 
 
35,741
 
 
General and administrative
 
6,441
 
 
 
3,464
 
 
 
15,846
 
 
 
11,487
 
 
Accretion expense
 
574
 
 
 
569
 
 
 
1,709
 
 
 
1,767
 
 
Total operating expenses
 
24,839
 
 
 
23,026
 
 
 
74,018
 
 
 
65,319
 
 
 
 
 
 
 
 
 
 
 
Income from operations
 
2,563
 
 
 
10,524
 
 
 
8,039
 
 
 
30,513
 
 
 
 
 
 
 
 
 
 
 
Other (income) expenses:
 
 
 
 
 
 
 
 
Interest expense
 
2,135
 
 
 
2,722
 
 
 
7,096
 
 
 
8,912
 
 
Gain on early extinguishment of debt
 
—
 
 
 
—
 
 
 
(1,366
)
 
 
(1,942
)
 
Gain on acquired assets
 
—
 
 
 
(46
)
 
 
—
 
 
 
(5,025
)
 
Unrealized loss (gain) on mark-to-market derivative instruments, net
 
1,598
 
 
 
—
 
 
 
(1,977
)
 
 
—
 
 
Other (income) expense
 
237
 
 
 
(347
)
 
 
(224
)
 
 
(599
)
 
Total other (income) expenses
 
3,970
 
 
 
2,329
 
 
 
3,529
 
 
 
1,346
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
(1,407
)
 
 
8,195
 
 
 
4,510
 
 
 
29,167
 
 
Income tax expense (benefit)
 
(246
)
 
 
—
 
 
 
1,508
 
 
 
(2,681
)
 
Income (loss) before equity in earnings of Medusa Spar LLC
 
(1,161
)
 
 
8,195
 
 
 
3,002
 
 
 
31,848
 
 
Equity in earnings of Medusa Spar LLC
 
56
 
 
 
211
 
 
 
180
 
 
 
597
 
 
Net income (loss) available to common shares
 
$
(1,105
)
 
 
$
8,406

 
 
$
3,182

 
 
$
32,445

 
 
 
 
 
 
 
 
 
 
Net income (loss) per common share:
 
 
 
 
 
 
 
 
Basic
 
$
(0.03
)
 
 
$
0.21

 
 
$
0.08

 
 
$
0.87

 
Diluted
 
$
(0.03
)
 
 
$
0.21

 
 
$
0.08

 
 
$
0.85

 
 
 
 
 
 
 
 
 
 
Shares used in computing net income (loss) per common share:
 
 
 
 
 
 
 
 
Basic
 
39,575
 
 
 
39,322
 
 
 
39,441
 
 
 
37,431
 
 
Diluted
 
39,575
 
 
 
39,976
 
 
 
40,243
 
 
 
38,120
 
 




 
 
Nine Months Ended September 30,
 
 
2,012
 
2,011
Cash flows from operating activities:
 
 
 
 
Net income
 
$
3,182

 
 
$
32,445

 
Adjustments to reconcile net income to
 
 
 
 
cash provided by operating activities:
 
 
 
 
Depreciation, depletion and amortization
 
37,005
 
 
 
36,501
 
 
Accretion expense
 
1,709
 
 
 
1,767
 
 
Non-cash gain on acquired assets
 
—
 
 
 
(4,979
)
 
Amortization of non-cash debt related items
 
293
 
 
 
338
 
 
Amortization of deferred credit
 
(2,304
)
 
 
(2,361
)
 
Non-cash gain on early extinguishment of debt
 
(1,366
)
 
 
(1,942
)
 
Equity in earnings of Medusa Spar LLC
 
(180
)
 
 
(597
)
 
Deferred income tax expense
 
1,508
 
 
 
11,987
 
 
Valuation allowance
 
—
 
 
 
(14,668
)
 
Non-cash derivative income due to hedge ineffectiveness
 
(40
)
 
 
(189
)
 
Non-cash unrealized gain on mark-to-market derivative instruments, net
 
(1,977
)
 
 
—
 
 
Non-cash charge related to compensation plans
 
1,901
 
 
 
1,122
 
 
Payments to settle asset retirement obligations
 
(1,136
)
 
 
(2,428
)
 
Changes in current assets and liabilities:
 
 
 
 
Accounts receivable
 
(1,260
)
 
 
(5,280
)
 
Other current assets
 
244
 
 
 
37
 
 
Current liabilities
 
4,965
 
 
 
6,334
 
 
Change in natural gas balancing receivable
 
(96
)
 
 
198
 
 
Change in natural gas balancing payable
 
(152
)
 
 
(29
)
 
Change in other long-term liabilities
 
—
 
 
 
100
 
 
Change in other assets, net
 
(911
)
 
 
(427
)
 
Cash provided by operating activities
 
$
41,385

 
 
$
57,929

 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Capital expenditures
 
(115,401
)
 
 
(74,388
)
 
Investment in restricted assets for plugging and abandonment
 
—
 
 
 
(112
)
 
Proceeds from sale of mineral interest and equipment
 
526
 
 
 
7,559
 
 
Distribution from Medusa Spar LLC
 
1,423
 
 
 
1,107
 
 
Cash used in investing activities
 
$
(113,452
)
 
 
$
(65,834
)
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Draw on senior secured credit facility
 
43,000
 
 
 
—
 
 
Payments on senior secured credit facility
 
(3,000
)
 
 
—
 
 
Redemption of 13% senior notes
 
(10,225
)
 
 
(35,062
)
 
Issuance of common stock
 
—
 
 
 
73,765
 
 
Equity issued related to employee stock plans
 
(18
)
 
 
—
 
 
Cash provided by financing activities
 
$
29,757

 
 
$
38,703

 
 
 
 
 
 
Net change in cash and cash equivalents
 
(42,310
)
 
 
30,798
 
 
Beginning of period cash and cash equivalents
 
43,795
 
 
 
17,436
 
 
End of period cash and cash equivalents
 
$
1,485

 
 
$
48,234

 






Callon Petroleum Company is engaged in the acquisition, development, exploration and operation of oil and gas properties in Texas, Louisiana and the offshore waters of the Gulf of Mexico.

This news release is posted on the Company`s website at www.callon.com and will be archived there for subsequent review. It can be accessed from the “News Releases” link on the top of the homepage.

This news release contains projections 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. Forward-looking statements include all statements regarding our reserves, the timing of drilling and completion activities, and estimates of the duration of scheduled downtime of offshore production, as well as statements including the words “believe,” “expect,” “plans” and words of similar meaning. 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.

For further information contact
Rodger W. Smith, 1-800-451-1294



EX-99.2 3 a2012-q3guidancerelease.htm EXHIBIT 99.2: GUIDANCE FOR THE FULL-YEAR 2012 2012-Q3 Guidance Release


EXHIBIT 99.2

Callon Petroleum Company Issues Guidance For Full Year 2012

Natchez, MS (November 7, 2012)-Callon Petroleum Company (NYSE: CPE) is issuing guidance for the full year 2012. The guidance, found in the table below, is expressed in ranges for the detailed components.

The following guidance estimates contain assumptions that we believe are reasonable. These estimates are based upon information that is available as of the date of this news release. We are not undertaking any obligation to update these estimates as conditions change or as additional information becomes available.


 
 
 
 
 
Guidance for
 
Full Year 2012
Estimated production volumes:
 
 
Natural gas (Bcf)
 
3.6 - 3.8
Crude oil (Mbo)
 
990 -- 1,070
Boe/d
 
4,350 -- 4,650
 
 
 
Lease operating expenses
 
$24,000 -- $27,000
 
 
 
Severance Tax
 
$3,000 -- $4,000
 
 
 
General and administrative expenses:
 
 
 
 
 
Cash
 
$12,600 -- $13,400
Non-cash
 
5,400 -- 6,600
Total
 
$18,000 -- $20,000
 
 
 
Interest expense:
 
 
 
 
 
Cash
 
$12,500 -- $14,000
Non-cash
 
(2,500) -- (3,000)
Total
 
$10,000 -- $11,000
 
 
 
Medusa Spar LLC, net of tax
 
$300 -- $400
 
 
 
DD & A - per BOE
 
$ 29.00 -- $32.00
 
 
 
Accretion expense
 
$2,100 -- $2,400
 
 
 
Effective income tax rate
 
28%
 
 
 
Cash income tax rate
 
__%





Listed below are the outstanding hedges for crude oil and natural gas per quarter for 2012, 2013 and 2014.

 
 
 
 
 
 
12/31/2012
Crude Oil
 
 
 
 
 
 
 
 
 
 
 
 
Collars
Volume (Mbo)
 
 
 
 
75
 
 
Ceiling
 
 
 
 
 
 
$
122.00

 
Floor
 
 
 
 
 
 
$
90.00

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collars
Volume (Mbo)
 
 
 
 
75
 
 
Ceiling
 
 
 
 
 
 
$
125.00

 
Floor
 
 
 
 
 
 
$
95.00

 
 
 
 
 
 
 
 
 
 
3/31/2013
6/30/2013
9/30/2013
12/31/2013
 
 
 
 
 
 
 
 
Collars
Volume (Mbo)
 
120
 
120
 
120
 
120
 
 
Ceiling
 
$
116.00

$
116.00

$
116.00

$
116.00

 
Floor
 
$
90.00

$
90.00

$
90.00

$
90.00


 
 
 
 
 
 
 
12/31/2012
Natural Gas
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Swap
Volume (MMbtu)
 
 
 
 
 
 
276
 
 
Price
 
 
 
 
 
 
 
 
$
3.52

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/2013
6/30/2013
9/30/2013
12/31/2013
Swap
Volume (MMbtu)
 
 
 
270

 
 
273

 
276

 
276

 
Price
 
$
 
3.52

$
 
3.52

$
3.52

$
3.52

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Put Option
Volume (MMbtu)
 
 
 
270

 
273
 
 
276

 
276

 
Ceiling
 
$
 
3.00

 
$
3.00

 
$
$
3.00


 
 
 
3/31/2014
6/30/2014
9/30/2014
12/31/2014
 
 
 
 
 
 
 
Call Option
Volume (MMbtu)
 
113
 
 
114
 
115
 
115
 
 
Ceiling
 
$
4.75

 
$
4.75

$
4.75

$
4.75





Callon Petroleum Company is engaged in the acquisition, development, exploration and operation of oil and gas properties in Texas, Louisiana and the offshore waters of the Gulf of Mexico.

This news release is posted on the company's website at www.callon.com and will be archived there for subsequent review. It can be accessed from the “News Releases” link at the top of the homepage.

This news release contains projections and other forward-looking statements (including statements about 2012 financial and operating performance) 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 include:

•
general economic and industry conditions;
•
volatility of oil and natural gas prices;
•
uncertainty of estimates of oil and natural gas reserves;
•
impact of competition;
•
availability and cost of seismic, drilling and other equipment;
•
operating hazards inherent in the exploration for and production of oil and natural gas;
•
difficulties encountered during the exploration for and production of oil and natural gas;
•
difficulties encountered in delivering oil and natural gas to commercial markets;
•
changes in customer demand and producers' supply;
•
uncertainty of our ability to attract capital;
•
compliance with, or the effect of changes in, the extensive governmental regulations regarding the oil and natural gas business;
•
actions of operators of our oil and gas properties;
•
weather conditions; and
•
the risk factors discussed in our filings with the Securities and Exchange Commission, including but not limited to those in our Annual Report for the year ended December 31, 2011 on Form 10-K.

The preceding estimates reflect our review of continuing operations only. These estimates do not take into account any material transactions such as sales of debt and equity securities, acquisitions or divestitures of assets, and formations of joint ventures. We continually review these types of transactions and may engage in one or more of these types of transactions without prior notice.

For further information contact
Rodger W. Smith 1-800-451-1294





 EX-99.3 4 a2012-q3announcingconferen.htm EXHIBIT 99.3: ANNOUNCING CONFERENCE CALL REPORTING THIRD QUARTER 2012 RESULTS 2012-Q3 Announcing Conference Call & Earnings


EXHIBIT 99.3

Callon Petroleum Company Announces Third Quarter 2012 Reporting Date and Upcoming Investor Event

Natchez, MS (October 5, 2012) - Callon Petroleum Company (CPE) today announced that the company plans to release third quarter 2012 earnings and participate in an upcoming investor event:

Third Quarter 2012 Earnings Release and Webcast

Callon Petroleum Company plans to release its third quarter 2012 financial and operating results after the market closes on Wednesday, November 7, 2012. The Company will host a conference call to discuss results on Thursday, November 8, 2012 at 2:00 p.m. Eastern Time (1:00 p.m. Central Time).

Please join Callon Petroleum Company via the Internet for a webcast of the conference call:

Date/Time:    Thursday, November 8, 2012 at 2:00 p.m. Eastern Time (1:00 p.m. Central Time)

Webcast:    Live and archived webcast available at www.callon.com in the "Investors" section of the website.

Alternatively, you may join by telephone:

Call-in Number:    1-877-317-6789 (Toll-free)

An archive of the conference call webcast will also be available at www.callon.com in the "Investors" section of the website.

Canaccord Genuity Global Resource Conference

Senior management will present at the Canaccord Genuity Global Resource Conference in Miami, Florida. The presentation is scheduled for Wednesday, October 17, 2012 at 10:00 a.m. Central Time at the Fontainebleau Hotel. The live and archived webcast will be accessible on Callon`s website at www.callon.com in the "Investors" section.

Callon Petroleum Company is engaged in the acquisition, development, exploration and operation of oil and gas properties in Texas, Louisiana and the offshore waters of the Gulf of Mexico.

This news release is posted on the company`s website at www.callon.com and will be archived there for subsequent review. It can be accessed from the "News Releases" link on the top of the homepage.

For further information contact
Rodger W. Smith, 1-800-451-1294
 



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