Callon Petroleum Corp. reported a strong increase in proved reserves of oil and gas compared to the end of 2009, and reaffirmed the company’s production guidance for the third quarter of 2010.

Callon Petroleum Corporation reported proved reserves of 13 million barrels of oil equivalent at 9/1/2010, a 34% increase from the 9.7 million barrels of oil equivalent reported at 12/31/2009. The company said that 58% of the reserves were oil and the balance were natural gas.

The management of Callon Petroleum Corporation attributed the increase to development of oil and gas properties in the Permian Basin of Texas and the Haynesville Shale play in Louisiana.

Callon Petroleum Corporation also reaffirmed the company’s production guidance for the third quarter of 2010 ending 9/30/2010. The company released production guidance in early August 2010 of between 24 and 27 million cubic feet of natural gas equivalent per day, and believes that it is on track to meet that guidance.

Callon Petroleum Corporation is an oil and gas exploration and development companies with properties in both the onshore and offshore areas of the United States. The company’s most recent well was in the Haynesville Shale and is currently producing at a gross production rate of 10.5 million cubic feet equivalent per day.

For more information on the company, go to www.callon.com

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