Callon Petroleum (CPE) to Offer 23M Shares of Common Stock

September 6, 2016 4:21 PM EDT

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Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced that it has commenced, subject to market and other conditions, an underwritten public offering of 23,000,000 shares of its common stock by the Company. The Company expects to grant the underwriters an option to purchase up to an additional 3,450,000 shares of common stock from the Company. Proceeds from the offering are expected to be used to fund substantially all of the pending Plymouth Acquisition, as described in the Company's Report on Form 8-K filed with the Securities and Exchange Commission on September 6, 2016. 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. The offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the Securities and Exchange Commission's website at www.sec.gov. Alternatively, the underwriters will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, via telephone at 1-800-221-1037, or by e-mailing 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.



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