- Associated Press - Thursday, September 18, 2014

NATCHEZ, Miss. (AP) - Callon Petroleum Co. has raised $122 million from a stock sale, with plans to use the proceeds to pay for new oil and gas properties it plans to buy in the Permian Basin of west Texas.

The Natchez-based company announced Monday it has sold 14.38 million shares at $9 per share, paying about $7 million for an underwriters’ discount and expenses.

Callon also plans to borrow money to pay for the acquisitions, including a $213 million deal to buy rights to drill in 6,200 acres in the Permian Basin. The company says the acreage has 4 million barrels in proven reserves. Callon says the acquisition has sites for more than 400 horizontal wells.

Callon also is buying 577 acres in a separate deal.

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide