Callon Petroleum reported a net income of $15.2 million, or $0.71 per share. This compares with net income of $40.6 million, or $1.90 per share, for the same period in 2006. For the three months ended December 31, 2007, Callon reported net income of $4.5 million, or $0.21 per share. This compares with net income of $5.9 million, or $0.27 per share during the fourth quarter of 2006.
The decline in net income for the year ended December 31, 2007, when compared to 2006, is primarily attributable to an increase in interest expense associated with the financing of the company's acquisition of BP's interest in the Entrada Field, lower 2007 oil production at the Medusa Field after the completion of remedial work on the Medusa A-1 well in late 2006 restored production at a lower rate, and an increase in the depletion, depreciation and amortization rate. All per share amounts are on a diluted basis.
Discretionary cash flow for the year ended December 31, 2007 totaled $104.6 million compared to $133.0 million during the previous year. Net cash flow provided by operating activities, as defined by GAAP, totaled $109.3 million and $135.5 million during the years ended December 31, 2007 and 2006, respectively.
Fourth quarter of 2007 discretionary cash flow totaled $25.1 million compared to $32.9 million during the same period in 2006. Net cash flow provided by operating activities, as defined by GAAP, totaled $19.4 million and $28.8 million during the three-month periods ended December 31, 2007 and 2006, respectively.
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