Callon completes sale of GoM interest to Shell

Offshore staff

NATCHEZ, Mississippi – Callon Petroleum Co. (NYSE:CPE) closed the sale of its 11.25% working interest in the Gulf of Mexico Habanero field (Garden Banks block 341). The company sold its interest to Shell Offshore Inc., a subsidiary of Royal Dutch Shell plc (NYSE:RDS.B), for an estimated $39.5 million.

Callon will use the proceeds to fund its efforts onshore in West Texas.

“The sale of our Habanero interest enables us to pay down a significant portion of our revolving bank debt and strengthen our balance sheet as we focus our efforts on the Permian basin,” said Fred Callon, chairman and CEO. “This additional financial flexibility will position the Company to pursue horizontal program development of our Southern Midland assets while continuing to evaluate our Northern Midland position for future development operations.”

01/03/2013

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...