Callon Petroleum is redeeming their pfd stock

[dan_s]

HOUSTON, June 18, 2019 /PRNewswire/ -- Callon Petroleum Company (CPE) (the "Company" or "Callon") today announced it has given notice for the redemption (the "Redemption") of all outstanding shares of the Company's 10.00% Series A Cumulative Preferred Stock (CUSIP:13123X409) (the "Preferred Shares").

The redemption date of the Preferred Shares will be on July 18, 2019 (the "Redemption Date"). The Preferred Shares will be redeemed at a redemption price equal to $50.00 per share, plus an amount equal to all accrued and unpaid dividends in an amount equal to $0.24 per share, for a total redemption price of $50.24 per share (the "Redemption Price"). On and after the Redemption Date, the Preferred Shares will no longer be deemed outstanding, dividends on the Preferred Shares shall cease to accrue, and all rights of the holders with respect to such Preferred Shares will terminate, except the right of the holders to receive the Redemption Price, without interest.

Regular dividends on the Preferred Shares for the second quarter of 2019 will be paid on June 30, 2019 to each holder of record on June 13, 2019.

The Company has designated American Stock Transfer & Trust Company, LLC to act as the Redemption Agent. Questions regarding the Redemption may be directed to the Redemption Agent at the following address and telephone numbers: American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, New York 11219, Attn: Corporate Actions, Telephone: (718) 921-8200. Any Preferred Shares represented by certificates may by surrendered to the Redemption Agent at the address listed above in exchange for the Redemption Price. All Preferred Shares held in book-entry form through the Depository Trust Company ("DTC") will be redeemed in accordance with the procedures of DTC.

Unless otherwise noted, the holders of Preferred Shares are not required to take any action to effect the Redemption, as contemplated herein.

This press release does not constitute a notice of redemption under the Certificate of Designation governing the Preferred Shares and is qualified in its entirety by reference to the redemption notice issued by or on behalf of the Company.

About Callon Petroleum

Callon Petroleum Company is an independent energy company focused on the acquisition and development of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas.

This news release is posted on Callon's website at www.callon.com, and will be archived for subsequent review under the "News" link on the top of the homepage.

[grimaldi]

Glad I sold not long after acquisition, even at a small loss. It had been way above par for so long.

[dan_s]

Make a rule to never buy callable preferred stock over par.

With the pfd stock out of the way, CPE common stock should move higher.