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

To: Aggie who wrote (65357)	4/27/2000 10:10:00 AM
From: jim_p	Respond to of 95453

CPE up 10.64% to 13, KEG down 2.11% to 8 11/16? Callon Deepwater `Entrada' Test Well Encounters 360 Net Feet Of Pay NATCHEZ, Miss., Apr 27, 2000 (BUSINESS WIRE) -- Callon Petroleum Company (NYSE:CPE) (NYSE:CPE.PrA) reported today that an exploratory well testing the Entrada Prospect on Garden Banks Block 782 in the Gulf of Mexico encountered over 360 net feet of pay in four intervals. Callon began deepwater exploratory drilling in 1998 and this is its fourth deepwater discovery. The Garden Banks Block 782 No. 1 exploratory well, located in 4,642 feet of water, was drilled to a true vertical depth of 15,717 feet. Each pay zone was encountered at the predicted depth and generally met or exceeded the anticipated thickness. The rig `Ocean Victory' will stay on location to conduct subsequent appraisal drilling at Entrada that will target several additional shallow and deep objectives that could not be penetrated from the initial wellbore location. Callon owns a 20 percent working interest in the Entrada Prospect on Garden Banks Block 782 as well as in adjacent blocks 826 and 827 and nearby block 785. Vastar Resources, Inc. (NYSE:VRI) holds an 80 percent working interest in these same blocks and serves as operator. 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.