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  • Hot Stocks for Today - CPE - Callon Petroleum Company and ARRY

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    1st February, 2010 

    Hot Stocks For Today  CPE [ Callon petroleum Company ] , ARRY

    Hello Friends,
    CPE - Callon Petroleum company is the Hot Stock for Tuesday February 2nd, 2010.

    CPE is at much lower price right now then it should be which is evident from its Reports. This stock was trading at more than $ 25 till Aug 2008 and then it dropped to its lowest levels in 2009 during the economic crisis. It was clear overselling of the stock at that time as any bad news from a company was seen as a possible future bankruptcy news.

    CPE is in good financial situation now and its current reports show that it should be valued at around $137 million which indicates around 100% increase in its stock price in the future. Don't believe the press release from the company blindly. Read about it. Check if any other website is doing any publicity for it. Check the news and do check if some paid pumpers are getting paid for false publicizing this one. I have confirmed in most of such websites that CPE is a genuine pick and no pumping but I would suggest you to check out more sources.

    Callon Petroleum Company Announces Increase in 2009 Year-end Reserves

    Callon Petroleum Company (NYSE: CPE) announced today that it ended 2009 with estimated net proved reserves of 58.0 billion cubic feet of natural gas equivalent (Bcfe), compared to 2008 year-end proved reserves of 54.8 Bcfe, a 6% increase. The 2009 year-end reserves were 67% crude oil. Callon added 15.0 Bcfe of net proven reserves replacing 127% of the reserves produced in 2009.

    At December 31, 2009, the company’s independent petroleum engineers estimated the present value of the company’s estimated future net revenues from proved reserves, excluding income taxes (which is a non-GAAP financial measure), using Securities and Exchange Commission (SEC) pricing guidelines for year-end 2009 discounted at 10%, to be $137.4 million.
    Source : BusinessWire

    About Callon Petroleum
    Callon Petroleum Company (Callon) is engaged in the exploration, development, acquisition and production of oil and gas properties. The Company’s properties are geographically concentrated primarily offshore in the Gulf Coast Region both onshore and offshore. As of December 31, 2008, Callon owned working interests in a total of 86 blocks/leases covering 193,000 net acres. As of December 31, 2008, the Company’s estimated net proved reserves totaled 54.8 billion cubic feet of natural gas equivalent (Bcfe) and included six million barrels of oil (MMBbls) and 18.7 billion cubic feet of natural gas (Bcf). Oil constitutes approximately 66% on an equivalent basis of its total estimated proved reserves and approximately 76% of its total estimated proved reserves are proved developed reserves. On April 8, 2008, the Company sold a 50% working interest in the Entrada field to CIECO Energy (US) Limited (CIECO).
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