NATCHEZ, Miss. (AP) — Callon Petroleum Co. says has completed the sale of its share of an oil field to Royal Dutch Shell PLC for $39.5 million.
The Mississippi company says in a statement that the sale of its 11.25 percent interest in the Habanero field to Shell Offshore was completed Monday.
The field, in 2,000 feet of water about 200 miles southeast of New Orleans, began production 2003.
Callon says it will use the money to pay down debt, giving it flexibility to continue expanding in Texas' Permian Basin.
The field produces close to 3,000 barrels of oil and 4.3 million cubic feet of natural gas each day.