Callon Petroleum Company (NYSE:CPE) (NYSE:CPE.PrA) announced the closing of a public offering of common stock today. Callon raised net proceeds of approximately $38.2 million, after expenses. The offering of 3 million shares, priced at $13.25 per share, was underwritten by Johnson Rice & Company L.L.C. As stated previously, Callon has granted the underwriter an over-allotment option to purchase an additional 450,000 shares.
The company intends to use the net proceeds of the common stock offering for general corporate purposes, including repayment of debt.