Callon Petroleum (CPE) Reports Results, Announces Increase in Proved Reserves

From the Callon Petroleum (CPE) announcement:

• Increased proved reserves to 13.6 million barrels of oil equivalent as of December 31, 2010, a 41% increase, and the PV-10 value, a non-GAAP financial measure, using SEC pricing, increased by 50% to $206 million.
• Grew the percentage of proved reserves associated with onshore assets to 50%, up from 0% at year-end 2008. Proved reserves at December 31, 2010 are 49% proved, developed/producing and proved/developed/non-producing, and are 60% crude oil and 40% natural gas.

The PV-10 of the reserves indicates that the bonds are very well secured.