Callon Petroleum will redeem $31 million of notes with stock proceeds

By Toni Weeks

San Diego, Feb. 17 - Callon Petroleum Co. will redeem $31 million of its outstanding $138 million of 13% senior notes due 2016, according to an 8-K filing with the Securities and Exchange Commission.

The redemption will occur on March 19 at a redemption price of 113 plus accrued interest. A portion of the proceeds from the company's common stock offering completed Feb. 16 will be used for the redemption.

Cede & Co. is the record holder for the notes.

Callon is a Natchez, Miss.-based acquirer, developer, explorer and operator of oil and gas properties.

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