Callon Petroleum Co. looks for partner to develop Entrada Field
Shares of Callon Petroleum Company (NYSE: CPE) jumped this morning after the company said late Tuesday that it is looking for a partner to assist in the development of Entrada Field.
After having completed a Production Handling Agreement with Magnolia Field partners and finalizing its development plan, the small cap aims to begin production with a potential partner by the first quarter of 2009.
Callon owns a 100% working interest and operates Entrada Field, which is located in the deepwater region of the Gulf of Mexico.
Callon is in the business of exploration and development of oil and gas properties located primarily in the Gulf Coast region.
Shares of Callon Petroleum (CPE) gained $2.44, or 17.99%, to $16.00 in pre-market trading.
