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Callon's Q3 Output Jumps Over +20% from 2Q18; Turns on Taps at Second 'Mega-Pad'

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Callon Petroleum reported its Q3 2018 results.

Highlights:

- Q3 production of 34.9 MBOE/D (78% oil), an increase of +55% YOY and up +21% from 2Q18

• Driven by recent multi-well pads at WildHorse outperforming early time type curve expectations by an average of 29%

Accelerating "Mega-Pad" Activity

Second "mega-pad" placed on production in October and tracking early time performance of first "mega-pad" that is outperforming offset three-well pads by approximately 30%

Midland Basin

At Monarch, our first "mega-pad", the Casselman 16 pad, oil production is outperforming offsetting, legacy pads by approximately 30%.

We recently placed our second "mega-pad" on production in October, and these six wells produced at an average rate of 183 Boepd per 1,000 lateral feet during the first 22 days online.

During the third quarter, just over 70% of the net wells placed on production were located in the Midland Basin, with all three of our primary areas contributing new production during the quarter.

In our WildHorse area, the Wright and Gibson pads were placed on production in late-July and mid-August and have exceeded early time oil type curve expectations by roughly 20% and 38%, respectively.

Delaware Basin

In the Delaware Basin, wells which have reached peak production during the third quarter achieved an average peak IP30 of approximately 150 Boepd per 1,000 lateral feet with an average oil cut of 82%.

Our upper and lower Wolfcamp A pair test at the Rendezvous pad continues to perform extremely well and has now eclipsed approximately 425,000 Boe (combined) through the first 200 days of production. Also during the quarter, the Effie Ponder 33-18 05H well, an upper Wolfcamp A well that landed approximately 100 feet below offsetting 3rd Bone Spring production, was completed by the previous operator and brought on production in the River Tract portion of our newly acquired acreage. The well has achieved an IP24 of 143 Boepd and IP30 of 103 Boepd per 1,000 lateral feet (respectively) with an average oil cut of 91%.