Callon Petroleum Company (NYSE: CPE) has completed a $175 million amended and restated senior secured credit facility with Union Bank of California, N.A. as the lead arranger and administrative agent. The credit facility includes more favorable borrowing rates and an initial borrowing base of $75 million, which will be reviewed and re-determined on a semi-annual basis. There is currently $6 million of borrowings outstanding under the facility, which matures on July 31, 2010.
Callon Petroleum Company is engaged in the exploration, development, acquisition and operation of oil and gas properties primarily in the Gulf Coast region. Callon's properties and operations are geographically concentrated in the offshore waters of the Gulf of Mexico.