SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): February 26, 1999
CALLON PETROLEUM COMPANY
______________________________________________________
(Exact name of Registrant as specified in its charter)
Delaware 0-25192 64-0844345
___________________________ ___________ ___________________
(State or other jurisdiction of Commission (I.R.S. Employer
incorporation or organization) File Number Identification No.)
200 North Canal Street
Natchez, Mississippi 39120
____________________________________________________________
(Address of Principal Executive Offices)(Including Zip Code)
(601) 442-1601
____________________________________________________
(Registrant's telephone number, including area code)
Item 5. Other events
Callon Petroleum Company announced on February 26, 1999 that it is
participating in a deepwater discovery at the Habanero prospect at
Garden Banks 341. The well encountered over 200 net feet of pay in
two zones and Callon owns an 11.25 percent working interest. Shell
Deepwater Development Inc., a subsidiary of Royal Dutch/Shell Group,
which owns a 55 percent working interest, operates the well. The
remaining 33.75 percent working interest is owned by Murphy Oil
Corporation. A copy of the press release is filed as an exhibit
to this Form 8-K.
Item 7. Exhibits
1. Underwriting Agreement*
2. Plan of acquisition, reorganization, arrangement, liquidation or
succession.*
4. Instruments defining the rights of security holders, including
indentures*
16. Letter re change in certifying accountants*
17. Letter re director resignation*
20. Other documents or statements to security holders*
23. Consents of experts and counsel*
24. Power of attorney*
27. Financial data schedule*
99. Additional exhibits
Exhibit 99.1 Press release issued by the registrant on
February 26, 1999.
_________________________
* Inapplicable to this filing
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CALLON PETROLEUM COMPANY
Date: March 3, 1999 By: s/s John S. Weatherly
______________ __________________________________
John S. Weatherly, Senior Vice
President, Chief Financial Officer
and Treasurer
Exhibit 99.1
For further information contact:
John S. Weatherly, CFO
1-800-451-1294
FOR IMMEDIATE RELEASE
Callon Reports Deepwater Discovery
At Habanero Prospect
Natchez, MS (February 26, 1999)--Callon Petroleum Company ( NYSE: CPE/CPE.PrA)
reported today that it is participating in a deepwater discovery at the Habanero
prospect at Garden Banks Block 341. Located in 2,000 feet of water, the well
was drilled to a measured depth of 21,158 feet and encountered over 200 net
feet of pay in two zones.
Callon owns an 11.25 percent working interest in the well. It is operated by
Shell Deepwater Development Inc., a subsidiary of Royal Dutch/Shell Group
(NYSE: RD), which owns a 55 percent working interest. The remaining 33.75
percent working interest is owned by Murphy Oil Corporation (NYSE: MUR).
This is the second deepwater discovery for Callon. Last fall the company
announced its first deepwater discovery at its Boomslang prospect in Ewing
Bank Block 994. That well encountered approximately 185 net feet of oil
pay in three separate zones.
Callon Petroleum Company has been engaged in the exploration, development,
acquisition and operation of oil and gas properties in the Gulf Coast region
since 1950.
This news release contains projections and other 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. These projections and 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.
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