Callon Petroleum Company Completes $100 Million Credit Agreement

Callon Petroleum Company Completes $100 Million Credit Agreement

The Credit Agreement provides an initial borrowing base of $20 million, which will be reviewed and re-determined on a semi-annual basis. There are no borrowings outstanding under the Credit Agreement, which matures on September 25, 2012.

The new Credit Agreement replaces the company’s existing borrowing base facility. Borrowings will be used for capital expenditures and general corporate purposes.

This is more good news for us bondholders.