Deepwater GoM Overview CPE WI: 15% CPE WI: 11.25% 2,200 Water Depth 2,013 Water Depth Spar Facility Subsea Tie-back (Auger TLP) MEDUSA HABANERO Field Overview Planned Activity MC 582 First production: 2003 Scheduled maintenance…
Deepwater GoM Benefits Production stability and incremental opportunities Ongoing recompletions/sidetracks Leverage existing infrastructure Unique assets for an independent company Deepwater lives typically 20 years+ Solid capital…
Permian Operations 30,000+ Net Acres 100% Operated Production Dedicated Technical and Operational Team 7 NYSE: CPE Callon Petroleum Corporate Presentation
Permian Footprint Highlights Vertical Wolfberry program Remaining net (40-acre) locations: 110 100% HBP by year-end 2012 Redeploying capital to horizontal drilling High-grading at Pecan Acres and CH Ranch Increase capital…
Permian Multi-Zone Horizontal Opportunities Southern/Central Midland Northern Midland 6,000 Lower Borden Co. 8,000 Spraberry Lower Sprayberry Dean Dean Wolfcamp East Bloxom Shale Borden Co. Wolfcamp A Kayleigh Wolfcamp Wolfcamp…
Shale Play Comparison SHALE FORMATION / REGIONAL PLAY TYPE PARAMETER Cline Wolfcamp Bakken Barnett Eagle Ford Niobrara (All Zones) Oil Combo Basin Permian Midland Williston Fort Worth South Texas DJ Basin Age Pennsylvanian Permian…
Callon Wolfcamp B Drilling Performance Upton County (Days vs Depth) Neal 321H drill First well for new Cactus rig 35 days 7,430 lateral Neal 651H drill Improvements realized 28 days 7,113 lateral Currently flowing back Targeted…
Northern Midland Horizontal Potential Northern Midland Basin Drilling Activity Increasing Borden activity + Four rigs running + Multiple horizontal and SM Energy Roy 1301H vertical targets 4,401 Lateral 520 BOEPD (30-day) Cline…
Callon Borden County Position 22 square miles of 3-D Baird Ranch/Black Magic Planned Activity seismic data 1st well (vertical) drilled Vickie Newton 3801 1H + Whole cores in Cline and Horizontal Cline Drilled (6,679 Lateral)…
Planned Horizontal Permian Activity Upton/Reagan Counties Q112 Q212 Q312 Q412 2013 Finalize initial drilling plans Plan Commence drilling Drill Evaluate results Evaluation Optimize /program drilling Program Borden County Q112…
Resulting Permian Exposure Leverage To Permian Leverage To Cline Shale Unique Exposure To Multi-Zone Permian Resource Potential Source: Stephens Inc. (May 1, 2012) 16 NYSE: CPE Callon Petroleum Corporate Presentation
Financial Strategy 74 million equity offering 2011 Positioning Reduced 2016 Senior Notes by 31 million Increased book equity to 201 million Borrowing base increased to 60 million 2012 Reduced 2016 Senior Notes to 97 million…
Strong Balance Sheet Capitalization (MM) Total Debt/Proved Reserves(1) Total Debt / LTM EBITDA(1,2) (1) CPE Total Debt does not include non-cash deferred credit (2) Source: Thomson ONE. Peer Group Includes: AXAS, AREX, CWEI,…
Funding Growth Initiatives Borrowing Base Growth Borrowing Base Continues To Increase With Onshore Reserve Growth 20 NYSE: CPE Callon Petroleum Corporate Presentation
Cash Reinvestment Efficiency Cash Margin Analysis Recycle Ratio 69.26 51.43 53.69 1.9x Strong Cash Margins Support Onshore Resource Capture Initiatives * (Total net capital expenditures + capitalized items) / (Total proved…
Production Breakdown 2011 Production 1H12 Production Crude Oil NGLs Natural Gas Increasing Black Oil Exposure And Hedge Positions Provide Support For Cash Margins 22 NYSE: CPE Callon Petroleum Corporate Presentation
Investor Highlights Successfully established critical mass in the Permian Leveraged operational expertise and organizational footprint Assembled multi-year inventory of operated vertical and horizontal drilling locations Positioned…
Callon Petroleum Company TRADING DATA / KEY STATISTICS Founded 1950 -- Public since 1994 (NYSE 1998) NYSE: CPE Avg. Daily Volume (3 Mo): 323,440 52-week Range: 3.02 -- 7.95 Share Price (9/18/12): 6.35 OFFICES Market Capitalization:…
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