Callon Petroleum Co. (NYSE: CPE) has closed its underwritten public offering of 10,350,000 shares of its common stock, including 1,350,000 shares sold to the underwriter pursuant to its option to purchase additional shares, which the underwriter exercised in full on March 12.
Following this issuance, Callon now has 65,931,941 shares of common stock issued and outstanding. Total net proceeds of the offering, after underwriting discounts and estimated offering expenses, will be approximately $65.7 million.
Callon intends to use the net proceeds from this offering to repay amounts outstanding under its credit facility, with any remainder being used for general corporate purposes, which may include funding of its capital program and future acquisitions.
JP Morgan acted as sole book-running manager for the offering.