NATCHEZ, Miss., May 30, 2018 /PRNewswire/ -- Callon
Petroleum Company (NYSE: CPE) ("Callon" or the "Company") announced
today the closing of its previously announced underwritten public
offering of 25,300,000 shares of its common stock, including
3,300,000 shares sold to the underwriters pursuant to their
over-allotment option to purchase additional shares, which the
underwriters exercised on May 29,
2018. Following this issuance, Callon now has 227,495,770
shares of common stock issued and outstanding. The Company received
approximately $288.6 million of total
net proceeds from the offering after deducting underwriters'
discounts and commissions and estimated offering expenses.
The Company intends to use the net proceeds from the offering to
partially fund the previously disclosed purchase from Cimarex
Energy Co. of certain producing oil and gas properties and
undeveloped acreage in the Delaware Basin. If the pending acquisition is
not consummated, the Company intends to use the net proceeds from
the offering to fund a portion of its exploration and development
activities, a potential redemption of its preferred stock, and for
general corporate purposes, which may include leasehold interest
and property acquisitions, repayment of indebtedness, and working
capital.
J.P. Morgan and Morgan Stanley are acting as joint book-running
managers; Barclays, BofA Merrill Lynch, Citigroup, Credit Suisse,
RBC Capital Markets and Scotia Howard Weil are acting as senior
co-managers; and Capital One Securities, Jefferies, Simmons &
Company International, Energy Specialists of Piper Jaffray, SunTrust Robinson Humphrey and
Tudor, Pickering, Holt & Co. are acting as co-managers for the
offering. The offering will be made only by means of a prospectus
supplement and the accompanying base prospectus, copies of which
may be obtained on the Securities and Exchange Commission's (the
"SEC") website at www.sec.gov. Alternatively, the underwriters will
arrange to send you the prospectus supplement and related base
prospectus if you request them by contacting 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; or Morgan Stanley &
Co. LLC, Attention: Prospectus Department, or by mailing 180 Varick
Street, 2nd Floor - New York, NY
10014.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the 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. The 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
natural 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, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward-looking statements include all
statements regarding the consummation of the pending acquisition
and completion of related financings and the time frame in which
these transactions will occur, the implementation of the Company's
business plans and strategy, as well as statements including the
words "believe," "expect," "plans" and words of similar meaning.
These statements reflect the Company's current views with respect
to future events and financial performance. No assurances can be
given, however, that these events will occur or that these
projections will be achieved, and actual results could differ
materially from those projected as a result of certain factors.
Some of the factors which could affect the Company's future results
and could cause results to differ materially from those expressed
in its forward-looking statements are more fully discussed in the
Company's filings with the SEC, 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:
Mark Brewer
Director of Investor Relations
281-589-5279
View original
content:http://www.prnewswire.com/news-releases/callon-petroleum-company-announces-closing-of-common-stock-offering-and-full-exercise-of-over-allotment-option-to-purchase-additional-shares-300656628.html
SOURCE Callon Petroleum Company