Callon to participate in Medusa spar

Callon Petroleum Co. has signed an agreement to participate in the formation of a limited liability company (LLC) that will own a 75% undivided interest in the deepwater production spar on the Medusa field in the Gulf of Mexico. Callon will contribute its 15% undivided ownership interest to the LLC and will retain a 10% interest in the LLC.

Callon Petroleum Co. has signed an agreement to participate in the formation of a limited liability company (LLC) that will own a 75% undivided interest in the deepwater production spar on the Medusa field in the Gulf of Mexico. Callon will contribute its 15% undivided ownership interest to the LLC and will retain a 10% interest in the LLC.

The agreement is with Murphy Exploration & Production Co. and Oceaneering International Inc. Two main conditions must be satisfied for closing of this transaction to occur. The Medusa spar is moored in 2,200 ft of water in the Gulf of Mexico at Mississippi Canyon block 582. It is in the final stages of being outfitted for the start of production operations, initially from six wells.

09/08/03

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