Callon Petroleum announced that it ended 2003 with proved reserves of 74.7 billion cubic feet of natural gas and 23.7 million barrels of oil, or 217 billion cubic feet of natural gas equivalent (Bcfe).

At December 31, 2003, the company's independent petroleum engineers estimated the present value of these reserves, excluding income taxes, using Securities and Exchange Commission (SEC) pricing guidelines for year-end 2003 and discounted at 10%, to be $570 million. Using the SEC guidelines, realized prices averaged $5.99 per thousand cubic feet of natural gas and $30.50 per barrel of oil.