News Release Looks positive to me but the market is yawning so far.
Dave M
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delayed 20 mins - disclaimer
Thursday January 7, 12:56 pm Eastern Time
Company Press Release
Callon Announces 207 Feet Of Gross Pay Encountered At High Island Block A-494 Discovery Well
NATCHEZ, Miss.--(BUSINESS WIRE)--Jan. 7, 1999--Callon Petroleum Company (NYSE: CPE - news; NYSE: CPE.PrA - news) announced today it is completing a significant natural gas discovery in the Gulf of Mexico.
The #C-1 well, drilled on High Island Block A-494 (Snapper Prospect), reached a total depth of 8,800 feet and encountered 207 feet of gross natural gas pay with 80 feet of net natural gas pay in the objective Cris. S. sandstone formation. Callon owns a 50 percent working interest in the well. The operator, PetroQuest Energy, Inc. (NASDAQ: PQUE - news; TSE: PQU - news), which holds a 42 percent working interest, will implement production facilities capable of handling the estimated 15 million cubic feet per day (MMcf/d) of initial production. The well is expected to be online by the second quarter of 1999.
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 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.
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Contact:
Callon Petroleum Co., Natchez |
