Callon closes common stock offering and full exercise of option to purchase additional shares

Callon Petroleum Co. (NYSE: CPE) has closed its underwritten public offering of 13,800,000 shares of its common stock, including 1,800,000 shares sold to the underwriters pursuant to their option to purchase additional shares, which the underwriters exercised on Nov. 10.

Following this issuance, Callon now has 80,115,551 shares of common stock issued and outstanding. Total net proceeds of the offering, after underwriters' discounts and commissions and estimated offering expenses, will be approximately $109.9 million. Proceeds from the offering are expected to be used to repay amounts outstanding under Callon's credit facility, which were used in part to finance recent acquisitions, with any remainder being used for general corporate purposes, which may include future acquisitions.

JP Morgan and Credit Suisse acted as joint book-running managers for the offering.

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

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Predict, Prescribe, Profit: Creating a World that Doesn't Break Down

What are you doing to reduce unplanned downtime at your plant? Equipment breakdowns and process i...