Callon Petroleum to repay revolver debt with note sale proceeds

By Sara Rosenberg

New York, Dec. 8 - Callon Petroleum Co. plans to reduce the balance under its revolving credit facility with proceeds from a completed $100 million senior unsecured notes sale.

"This note issuance provides us not only with a financing solution for our 2004 maturities but also offers a tremendous amount of flexibility in refinancing our other indebtedness," said Fred Callon, president, in a company news release. "In conjunction with the start up of our deepwater production from the Medusa and Habanero fields, 2004 cash flow, when combined with this financing, will allow us to fund our 2004 capital expenditure budget, refinance our 2004 maturities and reduce other outstanding debt."

Callon Petroleum is a Natchez, Miss., company engaged in the exploration, development, acquisition and production of oil and gas properties.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.