Callon Confirms Production Guidance, Updates E&P Activity

Callon Petroleum confirmed its previous guidance for fourth quarter 2004 production and provided an update on current production and exploration activity.

Fourth Quarter Production Guidance -- The company confirmed it expects to report production for the fourth quarter of 2004 within the previously announced range of 50 to 55 million cubic feet of natural gas equivalent (MMcfe) per day.

Mississippi Canyon Blocks 538/582 (Medusa Field) -- The A-1 well at Medusa is online. With all six wells in operation, the field is currently producing in excess of 40,000 barrels of oil (Bo) and 40 million cubic feet of natural gas (MMcf) per day. Callon owns a 15% working interest and Murphy Oil Corporation is the operator.

Garden Banks Block 341 (Habanero Field) -- Repairs to the A-2 well have been completed and the well has been returned to production at rates equivalent to those during the second quarter of 2004, before mechanical problems necessitated it being shut-in. The two wells in this field are currently producing at a combined rate of approximately 21,000 Bo and 36 MMcf per day. Callon owns an 11.25% working interest and Shell Deepwater Development Inc., a subsidiary of Royal Dutch/Shell Group, is the operator.

Mississippi Canyon Block 538 (North Medusa Discovery) -- The sidetrack of the North Medusa discovery encountered 46 feet of high quality oil sand pay. The well is currently in the process of completion with first production anticipated early in the second quarter. Callon holds a 15% working interest and Murphy Oil Corporation is the operator.

High Island Block 119 (Bald Eagle North Prospect) - The A-3 well encountered 32 feet of pay in a single zone, has been completed and is producing 21 MMcf/e per day. Kerr McGee is the operator. Callon holds a 22% working interest.

East Cameron Block 90 (Chocolate Prospect) - The exploratory well testing this prospect encountered 42 feet of pay in two intervals. Callon holds a 62% working interest and is the operator.

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