Callon Petroleum Company (NYSE:CPE) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement

The information in Item 2.03 below is incorporated herein by
reference.

Section 2 Financial Information

Item 2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant

On May 31, 2017, Callon Petroleum Company (Callon or the Company)
entered into a $2billion Amended and Restated Credit Agreement
dated May 25, 2017 (Amended Credit Agreement) with a syndicate of
lenders co-arranged by JPMorgan Chase Bank, N.A., Capital One,
National Association, Citibank, N.A. and The Bank of Nova Scotia,
including four new lending institutions for a total of 17
participating banks. The Amended Credit Agreement increases the
borrowing base with respect to the senior secured revolving
credit facility (the Facility) to $650 million. The maturity date
of the Amended Credit Agreement is March 25, 2022. Interest on
the Amended Credit Agreement is at a floating rate based on LIBOR
or the administrative agents prime rate, at the Companys
election, plus a tiered rate based on the percentage of borrowing
base utilized. There is an unused commitment fee at a tiered rate
of 0.375% to 0.5% per annum based on the percentage of borrowing
base utilized. The Amended Credit Agreement is secured by liens
on substantially all of the Companys oil and gas properties and
other assets. The Amended Credit Agreement contains customary
representations and warranties, affirmative and negative
covenants, and events of default typical for a financing of this
type.

The Amended Credit Agreement provides the Company with the
ability, subject to certain conditions, to elect the amount of
the aggregate commitments under the Facility up to the amount of
the borrowing base then in effect. The Company has initially
elected an aggregate commitment amount of $500 million. The
Company currently has no outstanding borrowings under the
Facility.

The foregoing descriptions of the Amended Credit Agreementis
qualified in its entirety by reference to the Amended Credit
Agreement (which will be filed as an exhibit to the Companys
Quarterly Report on Form 10-Q for the quarter ending June 30,
2017).

Section 8 Other Events

Item 8.01. Other Events

A copy of the press release, dated May 31, 2017, announcing the
Amended Credit Agreement is attached as Exhibit 99.1 hereto and
is incorporated herein by reference.

Section 9 Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

About Callon Petroleum Company (NYSE:CPE)

Callon Petroleum Company is an independent oil and natural gas company. The Company is engaged in the exploration, development, acquisition and production of oil and natural gas properties. It focuses on unconventional, onshore, oil and natural gas reserves in the Permian Basin in West Texas and the Midland Basin. Its asset base is concentrated in the Midland Basin located within the broader Permian Basin. Its operations are focused on horizontal drilling of several prospective intervals, including multiple levels of the Wolfcamp formation. It has drilled approximately 40 gross (over 27.1 net) horizontal, while completing approximately 30 gross (over 25.8 net) horizontal and over 1 gross (approximately 0.4 net) vertical wells. It owns leaseholds over 17,670 net acres in the Permian Basin. Its Southern Midland Basin area consists of fields located in Upton, Reagan and Crockett Counties, Texas. Its Central Midland Basin area encompasses Midland, Ector, Andrews and Martin Counties.

Callon Petroleum Company (NYSE:CPE) Recent Trading Information

Callon Petroleum Company (NYSE:CPE) closed its last trading session up +0.23 at 11.55 with 5,954,808 shares trading hands.