Callon Petroleum Gets Reaffirmation Of Its Borrowing Base From Lending Group

Callon Petroleum Company CPE said its lending group has given its affirmation of the approval for its current borrowing base. According to the company, it has $300 million under its senior secured revolving credit facility as a borrowing base. That included $300 million of related commitments after the semi-annual redetermination process.

Callon Petroleum said there were no changes in the terms and conditions of the credit facility that is in vogue currently.

The company's CFO Joe Gatto said, "We believe that the outcome of our redetermination is a testament not only to the performance of our Midland Basin assets, but also to the achieved capital and operating cost reductions that have enabled us to continue a measured pace of development and efficiently grow our proved reserve base.

Gatto added, "We are appreciative of the ongoing support of our lending group and their contributions to our financial position and the execution of our growth strategy."

On Friday, the stock closed higher by 4.44 percent.