Callon Petroleum sells Gulf of Mexico assets to W&T Offshore

|About: Callon Petroleum Co. (CPE)|By:, SA News Editor

Callon Petroleum (CPE) agrees to sell its interests in the Medusa field and Medusa Spar and substantially all of its Gulf of Mexico shelf assets to W&T Offshore (WTI) for $100M, as CPE completes the shift of its focus to the Permian Basin.

Based on current drilling plans, CPE expects to end 2013 producing 3,500 boe from its Permian Basin position, with a solid balance sheet to pursue acquisitions and further accelerate drilling activity.

CPE +2.6% AH.