Callon Petroleum to repay credit facility via common stock offering

By Tali Rackner

Norfolk, Va., Nov. 9 – Callon Petroleum Co. plans to repay amounts outstanding under its credit facility with the proceeds from a common stock offering, according to a 10-Q filing with the Securities and Exchange Commission.

The facility was used in part to finance recent acquisitions.

Any remaining proceeds will be used for general corporate purposes, which may include future acquisitions.

The company announced on Monday a public offering of 10 million shares of common stock, with a greenshoe for 1.5 million additional shares.

Callon is a Natchez, Miss.-based energy company focused on the acquisition, development, exploration and operation of oil and gas properties in the Permian Basin in West Texas.

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