Callon Petroleum Company (NYSE:CPE) Files An 8-K Regulation FD Disclosure
Item7.01.
| Regulation FD Disclosure. |
Proposed amendment and restatement of senior secured
revolving credit facility
Callon Petroleum Company (the Company) is currently in the
process of negotiating an amendment and restatement of its Fifth
Amended and Restated Credit Agreement, dated March11, 2014, among
the Company, JPMorgan Chase Bank, N.A., as administrative agent
and the lenders from time to time party thereto, which is
anticipated to close on May25, 2017 (the Sixth Amended and
Restated Credit Agreement). The current proposal for the Sixth
Amended and Restated Credit Agreement will, among other things:
(i)increase the total notional amount available under the
Companys senior secured revolving credit facility from
$500million to $2billion; (ii)increase the borrowing base from
$500million to $650million, with an expected commitment amount of
$535million, and (iii)amend various covenants and terms in our
senior secured revolving credit facility to reflect current
market trends.
We cannot assure you that the Sixth Amended and Restated Credit
Agreement will be completed on its anticipated schedule or at
all. If consummated, the terms of the Sixth Amended and Restated
Credit Agreement will be disclosed upon completion.
Statements contained in this Item 7.01 that state the Companys or
its managements expectations or predictions of the future are
forward-looking statements intended to be covered by the safe
harbor provisions of the Securities Act of 1933, as amended, (the
Securities Act) and the Securities Exchange Act of 1934, as
amended (the Exchange Act). It is important to note that the
Companys actual results could differ materially from those
projected in such forward-looking statements. Factors that could
affect those results include those mentioned in the documents
that the Company has filed with the Securities and Exchange
Commission. The Company undertakes no duty or obligation to
publicly update or revise the information contained in this
report, although the Company may do so from time to time as
management believes is warranted. Any such updating may be made
through the filing of other reports or documents with the
Securities and Exchange Commission, through press releases or
through other public disclosure.
The information included in this Item 7.01 of this Current Report
on Form 8-K shall not be deemed filed for purposes of or
otherwise subject to the liabilities under Section18 of the
Exchange Act, or incorporated by reference in any filing under
the Securities Act, or the Exchange Act, whether made before or
after the date hereof, except as shall be expressly set forth by
specific reference in such filing, regardless of any general
incorporation language in such filing.
Section8 Other Events
| Item8.01. | Other Information. |
On May 19, 2017, the Company issued a press release announcing
its intent, subject to market and other conditions, to commence a
private placement of an additional $150million in aggregate
principal amount of its 6.125% senior unsecured notes due 2024
(the Additional Notes). The Company is filing a copy of the news
release as Exhibit 99.1 hereto, which is incorporated by
reference into this Item 8.01.
The information contained in this Item 8.01 is neither an offer
to sell nor the solicitation of an offer to buy the Additional
Notes or any other securities and shall not constitute an offer
to buy or a sale of the Additional Notes or any other securities
in any jurisdiction in which such offer, solicitation or sale is
unlawful.
Section9 Financial Statements and Exhibits
| Item9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
|
Exhibit Number |
Title of Document |
|
| 99.1 | Press release dated May19, 2017 |
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 down -0.11 at 12.16 with 3,443,034 shares trading hands.