Callon Receives $175 Million Credit Facility Commitment

Callon Petroleum Company (NYSE:CPE) has accepted a commitment from Union Bank of California, N.A. for a three-year $175 million credit facility to be underwritten by the lender. The credit facility includes an initial borrowing base of $60 million, which will be adjusted on a quarterly basis throughout 2004 to reflect the results of intervening operations from its deepwater properties and an anticipated increase in proved producing reserves as the development of the company's Medusa property nears completion.