Dec 03 - Callon Petroleum Company completes Medusa Spar transaction

Source Press Release
Company Callon Petroleum 
Tags Upstream Activities
Date December 18, 2003

Callon Petroleum Company announcedthat the formation of a limited liability company, Medusa Spar LLC, which will own a 75% undivided ownership interest in the deepwater production spar on the Medusa Field in the Gulf of Mexico, has been completed.  Callon contributed its 15% undivided ownership interest in the production facility to the LLC and retained a 10% ownership interest in the LLC. The LLC will earn a tariff based upon production volume throughput.  The LLC is owned by  Oceaneering International, Inc. ,(Murphy Exploration & Production Company - USA, a subsidiary of  Murphy Oil Corporation, and Callon. 

Callon will realize cash proceeds of $25 million from the transfer to the LLC and the proceeds of related non-recourse financing. 

The Medusa spar is moored in over 2,200 feet of water in the Gulf of Mexicoat Mississippi Canyon Block 582.  Production through the spar commenced November 24, 2003.


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