HOUSTON, May 26, 2020 /PRNewswire/ -- Callon
Petroleum Company ("Callon" or the "Company") (NYSE: CPE) today
announced that it terminated its previously announced private
exchange offer (the "Exchange Offer") to holders of its outstanding
6.25% Senior Notes due 2023 (the "2023 Notes"), 8.25% Senior Notes
due 2025 (the "2025 Notes" and, together with the 2023 Notes, the
"Carrizo Notes"), 6.125% Senior Notes due 2024 (the "2024 Notes")
and 6.375% Senior Notes due 2026 (the "2026 Notes" and,
together with the 2024 Notes, the "Callon Notes" and, together with
the Carrizo Notes, the "Old Notes") to exchange their Old Notes for
up to $300,000,000 aggregate
principal amount of newly issued 8.00% Second Lien Senior Secured
Notes due 2025 (the "New Notes"). All Old Notes previously
tendered in the Exchange Offer and not validly withdrawn will be
promptly returned to their respective holders. No Old Notes
will be accepted for exchange and no New Notes will be issued.
This press release is for informational purposes only and is not
an offer to purchase or a solicitation of an offer to purchase or
sell any securities, nor shall there be any sale of any securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Callon Petroleum Company
Callon Petroleum Company is an independent oil and natural gas
company focused on the acquisition, exploration, and development of
high-quality assets in the leading oil plays of South and
West Texas.
Cautionary Note 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. Forward-looking
statements include all statements regarding the Exchange Offer and
Consent Solicitations; wells anticipated to be drilled and placed
on production; future levels of drilling activity and associated
production and cash flow expectations; the Company's production
guidance and capital expenditure forecast; estimated reserve
quantities and the present value thereof; anticipated returns and
financial position; and the implementation of the Company's
business plans and strategy, as well as statements including the
words "believe," "expect," "may," "will," "forecast," "outlook,"
"plans" and words of similar meaning. These statements reflect the
Company's current views with respect to future events and financial
performance based on management's experience and perception of
historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. No
assurances can be given, however, as of this date, 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. Any forward-looking statement speaks
only as of the date of which such statement is made and the Company
undertakes no obligation to correct or update any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by applicable law. Some of the
factors which could affect our future results and could cause
results to differ materially from those expressed in our
forward-looking statements include the volatility of oil, natural
gas and natural gas liquids ("NGLs") prices or a prolonged period
of low oil, natural gas or NGLs prices and the effects of actions
by, or disputes among or between, members of the Organization of
Petroleum Exporting Countries, such as Saudi Arabia and other oil and natural gas
producing countries, such as Russia, with respect to production levels or
other matters related to the price of oil, general economic
conditions, including the availability of credit and access to
existing lines of credit, the effects of excess supply of oil and
natural gas resulting from reduced demand caused by the COVID-19
pandemic and the actions of certain oil and natural gas producing
countries, our ability to drill and complete wells, operational,
regulatory and environment risks, cost and availability of
equipment and labor, our ability to finance our activities, the
ultimate timing, outcome and results of integrating the operations
of Carrizo and Callon and the ability of the combined company to
realize anticipated synergies and other benefits in the timeframe
expected or at all, and other risks more fully discussed in our
filings with the Securities and Exchange Commission (the "SEC"),
including our most recent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q and subsequent Quarterly Reports on Form 10-Q,
available on our website or the SEC's website at www.sec.gov.
Contact:
Mark
Brewer
Director of Investor Relations
Callon Petroleum Company
ir@callon.com
(281) 589-5200
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SOURCE Callon Petroleum Company