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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: BigBull who wrote (64007)	4/7/2000 6:19:00 AM
From: jim_p	Respond to of 95453

BigBull, CPE is in the lead. Thursday, April 6, 2000 09:47 AM NATCHEZ, Miss.--(BUSINESS WIRE)--April 6, 2000--Callon Petroleum Company (NYSE: CPE) (NYSE: CPE.PrA) today reported test results from its South Marsh Island Block 261 #3 discovery well, which encountered 65 feet of net pay (true vertical thickness) in a total of three pay zones and was completed in the lowest zone. The well tested at 8 million cubic feet of natural gas and 36 barrels of oil per day from perforations at 8,058 feet through 8,074 feet on a 29/64-inch choke with flowing tubing pressure of 1,936 pounds per square inch. The current well was drilled as a replacement for South Marsh Island Block #2, which blew out while being drilled in early January. The company owns a 100 percent working interest in the #3 well and anticipates placing it on production through facilities on an adjacent block during the second quarter of 2000. The drilling rig is being moved to an adjacent location on the block approximately 5,000 feet to the south to test a separate prospect. 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. CONTACT: Callon Petroleum Co., Natchez John S. Weatherly, CFO 800/451-1294 callon.com