-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LbnL0QgH6z/zqyjAiD52mGhl435tECvjzUPFtodOz/kriaUHsOIlD4Z09Opbc9YY z2HC9JUc5AJT1SrHc7sqpw== 0000950134-04-001240.txt : 20040206 0000950134-04-001240.hdr.sgml : 20040206 20040206092129 ACCESSION NUMBER: 0000950134-04-001240 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040205 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040206 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: 04571745 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 d12424e8vk.htm FORM 8-K e8vk
Table of Contents

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
February 5, 2004
(Date of earliest event reported)

Callon Petroleum Company

(Exact name of registrant as specified in its charter)
         
Delaware
(State or other jurisdiction of
incorporation or organization)		   001-14039
(Commission File Number) 		  64-0844345
(I.R.S. Employer
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)

 

Item 5. Other Events
Item 7. Financial Statements and Exhibits
SIGNATURES
Exhibit Index
Press Release

Table of Contents

Item 5. Other Events

On February 5, 2004, Callon Petroleum Company issued the press release attached as Exhibit 99.1 announcing that the company has hedged a total of 5.4 million mmBtu (million British thermal units) of natural gas production during the 15-month period from January 2004 through March 2005. The natural gas hedges were implemented through derivative transactions in the form of no-cost collars. The company also announced it has hedged approximately one million barrels of crude oil production during the 12-month period from February 2004 through January 2005. The crude oil hedges were implemented through derivative transactions in a combination of swaps and no-cost collars.

Item 7. Financial Statements and Exhibits

     Exhibits

             
Exhibit Number   Title of Document        
 
       
99.1   Press release dated February 5, 2004 announcing hedging transactions.

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
         
February 5, 2004   By:   /s/ John S. Weatherly
       
        John S. Weatherly
Senior Vice President and
Chief Financial Officer

 

Table of Contents

Exhibit Index

     
Exhibit Number   Title of Document
 
99.1   Press release dated February 5, 2004 announcing hedging transactions.

  EX-99.1 3 d12424exv99w1.htm PRESS RELEASE exv99w1

 

EXHIBIT 99.1

For further information contact
John S. Weatherly, CFO 1-800-451-1294

FOR IMMEDIATE RELEASE

Callon Petroleum Company Announces
Natural Gas and Crude Oil Hedges

     Natchez, MS (February 5, 2004)—Callon Petroleum Company ( NYSE: CPE / CPE.PrA) today announced it has hedged a total of 5.4 million mmBtu (million British thermal units) of natural gas production during the 15-month period from January 2004 through March 2005. The hedges were implemented through derivative transactions in the form of no-cost collars.

     The company’s natural gas hedges, by calendar quarter, consist of:

                         
    Volume   Average   Average
Quarter   Hedged   Floor Price   Ceiling Price
Ended   (Thousand mmBtu)   (mmBtu)   (mmBtu)
 
 
 
3/31/04
     600     $ 5.13     $ 7.23  
6/30/04
     1,500     $ 5.00     $ 6.08  
9/30/04
     1,500     $ 5.00     $ 6.08  
12/31/04
     1,200     $ 5.00     $ 6.25  
3/31/05
     600     $ 5.00     $ 7.11  
 
    
                 
 
     5,400                  
 
    
                 

     The company also announced it has hedged approximately one million barrels of crude oil production during the 12-month period from February 2004 through January 2005. The hedges were implemented through derivative transactions in a combination of swaps and no-cost collars.

 

 

     The company’s crude oil hedges, by calendar quarter, consist of:

                         
    Volume        
    Hedged   Average   Average
Quarter   (Thousand   Floor Price Ceiling Price
Ended   Barrels)   (per bbl)   (per bbl)
 
 
 
3/31/04
     180     $ 30.10     $ 31.93  
6/30/04
     270     $ 30.10     $ 31.93  
9/30/04
     270     $ 30.10     $ 31.93  
12/31/04
     240     $ 30.11     $ 31.86  
3/31/05
     75     $ 30.12     $ 31.82  
 
    
                 
 
     1,035                  
 
    
                 

     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, including statements regarding the company’s ability to fund its future obligations, 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.

     The following page indicates a monthly detail of the hedges.

 

 

Monthly Detail of Hedges

                                                                 
    Natural Gas   Crude Oil   Crude Oil
   
 
 
    Collars (a)   Collars (b)   Swaps (b)
Delivery                                                           Fixed
Month   mmBtu/day   Floor   Ceiling   Bbls/day   Floor   Ceiling   Bbls/day   Price
 
 
 
 
 
 
 
 
Jan-04
     6,667     $ 5.13     $ 7.23       —     $ —     $ —       —     $ —  
Feb-04
     6,667     $ 5.13     $ 7.23       2,000     $ 29.50     $ 32.25       1,000     $ 31.29  
Mar-04
     6,667     $ 5.13     $ 7.23       2,000     $ 29.50     $ 32.25       1,000     $ 31.29  
Apr-04
     16,667     $ 5.00     $ 6.08       2,000     $ 29.50     $ 32.25       1,000     $ 31.29  
May-04
     16,667     $ 5.00     $ 6.08       2,000     $ 29.50     $ 32.25       1,000     $ 31.29  
Jun-04
     16,667     $ 5.00     $ 6.08       2,000     $ 29.50     $ 32.25       1,000     $ 31.29  
Jul-04
     16,667     $ 5.00     $ 6.08       2,000     $ 29.50     $ 32.25       1,000     $ 31.29  
Aug-04
     16,667     $ 5.00     $ 6.08       2,000     $ 29.50     $ 32.25       1,000     $ 31.29  
Sep-04
     16,667     $ 5.00     $ 6.08       2,000     $ 29.50     $ 32.25       1,000     $ 31.29  
Oct-04
     16,667     $ 5.00     $ 6.08       2,000     $ 29.50     $ 32.25       1,000     $ 31.29  
Nov-04
     16,667     $ 5.00     $ 6.08       1,500     $ 29.33     $ 32.17       1,000     $ 31.29  
Dec-04
     6,667     $ 5.00     $ 7.11       1,500     $ 29.33     $ 32.17       1,000     $ 31.29  
Jan-05
     6,667     $ 5.00     $ 7.11       1,500     $ 29.33     $ 32.17       1,000     $ 31.29  
Feb-05
     6,667     $ 5.00     $ 7.11                                          
Mar-05
     6,667     $ 5.00     $ 7.11                                          

(a) European style options settled at the close of the final trading day for options as to contracts for the specified delivery months.

(b) Asian style options settled based on the average daily closing price of prompt month contracts within the specified delivery month.

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