Callon Petroleum $175 million revolver to launch in May or June

By Sara Rosenberg

New York, May 11 - Callon Petroleum Co. is expected to hold a bank meeting for a proposed $175 million three-year revolver either this month or in June depending on how long it takes to get the legal work done now that the commitment letter was signed about a week ago, a source told Prospect News on Tuesday.

Union Bank of California is the lead bank on the underwritten deal.

The revolver includes an initial borrowing base of $60 million, which will be adjusted on a quarterly basis throughout 2004 to reflect the results of intervening operations from the company's deepwater properties and an anticipated increase in proved producing reserves as the development of the Medusa property nears completion, according to a company news release.

Callon Petroleum is a Natchez, Miss., explorer, developer, acquirer and operator of oil and gas properties.

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