Callon Petroleum Company (Callon) is engaged in the exploration, development, acquisition and production of oil and natural gas properties. The Company�s onshore properties include Permian Basin, Haynesville Shale, Gulf of Mexico Deepwater Properties and Gulf of Mexico Shelf and Other Properties. As of December 31, 2011, the Company's estimated net proved reserves totaled 15.9 million barrel of oil equivalent (MMBoe) and included 10.1 million barrels of oil (MMBbls) and 35.1 billion cubic feet (Bcf). During 2011, the Company�s Onshore proved reserves accounted for approximately 61% of proved reserves. Subsequent to December 31, 2011, the Company completed two acreage acquisitions in the northern Midland Basin in Borden County. During the year ended December 31, 2011, the Company sold its Mystic Bayou field, located in south Louisiana.