NATCHEZ, Miss., Sept. 12, 2016 /PRNewswire/ — Callon Petroleum Company (NYSE: CPE) (“Callon” or the “Company”) today announced the closing of its previously announced underwritten public offering of 29,900,000 shares of its common stock, including 3,900,000 shares sold to the underwriters pursuant to their option to purchase additional shares, which the underwriters exercised on September 7, 2016. Following this issuance, Callon now has 161,036,233 shares of common stock issued and outstanding. Total net proceeds of the offering, after underwriters’ discounts and commissions and estimated offering expenses, will be approximately $422.1 million. Proceeds from the offering are expected to be used to fund the pending Plymouth Acquisition as described in the Company’s Report on Form 8-K previously filed on September 6, 2016, and the balance for general corporate purposes which may include repayment of debt. If the pending Plymouth Acquisition is not consummated, the Company intends to use the net proceeds of this offering to fund a portion of its exploration and development activities and for general corporate purposes, which may include leasehold interest and property acquisitions, repayment of indebtedness and working capital.
Credit Suisse and J.P. Morgan are acting as joint book-running managers for the offering. Morgan Stanley, RBC Capital Markets and SunTrust Robinson Humphrey are also acting as joint book-running managers for the offering. Copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained on the Securities and Exchange Commission’s website at www.sec.gov. Alternatively, copies may be obtained by contacting Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, via telephone at 1-800-221-1037, or by emailing email@example.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, via telephone at 1-866-803-9204, or by e-mailing firstname.lastname@example.org.