Callon Petroleum Company has been engaged in the exploration, development, acquisition and operation of oil and gas properties in the Gulf Coast region since 1950. The company's properties are geographically concentrated in Louisiana, Alabama and offshore Gulf of Mexico. Callon also manages properties for certain institutional investors. Callon was formed in 1994 through the consolidation of a publicly traded limited partnership, a joint venture with a consortium of European entities and an independent energy company owned by certain members of current management. Callon s objective is to enhance stockholder value through sustained growth in its reserve base, production levels and resulting cash flows from operations. Over the past several years, the company has shifted its emphasis from the acquisition of producing properties to the acquisition of acreage with development and exploratory drilling opportunities. Callon performs extensive geological and geophysical studies using computer-aided exploration technique, including the acquisition of three-dimensional seismic or high-resolution two-dimensional seismic data to facilitate these efforts.