Callon Petroleum Co. (NYSE: CPE) has priced an underwritten public offering of 9,000,000 shares of its common stock for total estimated gross proceeds of approximately $59 million. The underwriter will have an option to purchase up to an additional 1,350,000 shares of common stock from the company. The offering is expected to close on or about March 13.
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 is acting as sole book-running manager for the offering.