Callon Petroleum Co., Natchez, Miss., (NYSE: CPE) plans to acquire an 80% working interest in the Entrada Field in the Gulf of Mexico from BP Exploration and Production Co., a subsidiary of BP Plc, London, (NYSE: BP) for $190 million in cash. The interests include Garden Banks blocks 738, 782, 785, 826 and 827. Pro forma, Callon will own a 100% working interest in the field and will be operator. Net proved reserves from the interests are approximately 13.7 million barrels of oil and 68.1 billion cubic feet of gas and net probable reserves are 13.7 million barrels and 32.9 billion cubic feet for total proved and probable net reserves of approximately 44.2 million barrels of oil equivalent.
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