Callon Petroleum calls convertible exchangeable preferreds

By Jennifer Chiou

New York, June 13 - Callon Petroleum Co. announced Monday the July 14 redemption of all its outstanding $2.125 convertible exchangeable preferred stock, series A, at $25.213 per share plus $0.525347 for all accrued dividends to the redemption date.

Preferred stock holders who wish to convert their preferred stock must do so before the close of business July 7.

Currently, each preferred share is convertible into 2.273 shares of Callon common stock. Holders who convert preferred shares into common stock will not receive accrued dividends.

The company said it will not declare a dividend this quarter due to the stock's redemption before the regular quarterly payment date.

Natchez, Miss.-based Callon, which explores, develops, acquires and produces oil and gas, saw its stock close at $14.46 Friday.

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