Callon Petroleum Co. (NYSE:CPE), which is offering of its non-convertible 10% Series A Cumulative Preferred Stock, is looking for acquisitions. The company intends to use the net proceeds from the sale to further develop and evaluate its properties in the Permian Basin, and for possible future acquisitions and general corporate purposes.

Callon Petroleum Co. announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2013. For the quarter, the company reported total operating revenues of $22,541,000 compared to $29,294,000 for the same period a year ago. Income from operations was $10,690,000 compared to $39,622,000 for the same period a year ago. Income before income taxes was $898,000 compared to $2,716,000 for the same period a year ago. Net loss available to common shares $800,000 or 0.02 per basic and diluted share against net income available to common shares of $488,000 or 0.01 per basic and diluted share for the same period in the last year. Net cash provided by operating activities was $12,875,000 compared to $10,350,000 for the same period a year ago. Capital expenditures were $30,089,000 compared to $45,481,000 for the same period a year ago. Adjusted net loss was $124,000 or $0.00 per diluted share compared to adjusted net income of $442,000 or $0.01 per diluted share for the same period a year ago. For the quarter, the company announced total production of 328 MBoe compared to 392 MBoe for the same period a year ago. Average daily production was 3.6 MBoe compared to 4.3 MBoe for the same period a year ago. The decrease in production was primarily attributable to the sale of deepwater habanero field in the fourth quarter of 2012, which produced 33 mbbls during the first quarter of 2012. For the second quarter, the company projects total production to be 3,400 to 3,600 BOE per day in Permian volumes, comprising 1,700 to 1,900 BOE per day. The company expects to grow production by approximately 65% from the fourth quarter of 2012 to the fourth quarter of 2013 and exit the year at 30,000 barrels of oil equivalent per day. For the full year the company projects total production to be 3,800 to 4,200 BOE per day, with oil accounting for 65% of these volumes. The company expects capital budget of $125 million for 2013.

Callon Petroleum Co. announced that they will report Q1, 2013 results After-Market on May 09, 2013