NATCHEZ, Miss., Sept. 12, 2016 /PRNewswire/ -- Callon
Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today
announced the closing of its previously announced underwritten
public offering of 29,900,000 shares of its common stock, including
3,900,000 shares sold to the underwriters pursuant to their option
to purchase additional shares, which the underwriters exercised on
September 7, 2016. Following
this issuance, Callon now has 161,036,233 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 $422.1
million. Proceeds from the offering are expected to be
used to fund the pending Plymouth Acquisition as described in the
Company's Report on Form 8-K previously filed on September
6, 2016, and the balance for general corporate purposes which
may include repayment of debt. If the pending Plymouth
Acquisition is not consummated, the Company intends to use the net
proceeds of this offering to fund a portion of its exploration and
development activities and for general corporate purposes, which
may include leasehold interest and property acquisitions, repayment
of indebtedness and working capital.
Credit Suisse and J.P. Morgan are acting as joint book-running
managers for the offering. Morgan Stanley, RBC Capital Markets and
SunTrust Robinson Humphrey are also acting as joint book-running
managers for the offering. Copies of the prospectus
supplement and accompanying base prospectus related to the offering
may be obtained on the Securities and Exchange Commission's website
at www.sec.gov. Alternatively, copies may be obtained by contacting
Credit Suisse Securities (USA)
LLC, Attention: Prospectus Department, One Madison Avenue,
New York, NY 10010, via telephone
at 1-800-221-1037, or by emailing
newyork.prospectus@credit-suisse.com; or J.P. Morgan Securities
LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, Attention:
Prospectus Department, via telephone at 1-866-803-9204, or by
e-mailing prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. This offering may only be made by means of a
prospectus supplement and related base prospectus.
About Callon Petroleum Company
Callon is an independent energy company focused on the
acquisition, development, exploration, and operation of oil and gas
properties in the Permian Basin in West
Texas.
Cautionary Statement Regarding Forward Looking
Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than historical facts, that address activities that the
Company assumes, plans, expects, believes, intends or anticipates
(and other similar expressions) will, should or may occur in the
future are forward-looking statements. The forward-looking
statements are based on management's current beliefs, based on
currently available information, as to the outcome and timing of
future events. These forward-looking statements involve certain
risks and uncertainties that could cause the results to differ
materially from those expected by the Company's management.
Information concerning these risks and other factors can be found
in the Company's filings with the Securities and Exchange
Commission, including its Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q, available on the Company's website or the
SEC's website at www.sec.gov.
For further information contact:
Joe Gatto
Chief Financial Officer, Senior Vice President and Treasurer
1-800-451-1294
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SOURCE Callon Petroleum Company