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Exhibit 99.1 Callon Petroleum Company Announces Third Quarter 2021 Results HOUSTON , TX ( November 3 , 2021 ) - Callon Petroleum Company ( NYSE : CPE ) ( “ Callon ” or the “ Company ” ) today reported results of operations for the three and nine months ended September 30 , 2021 . Presentation slides accompanying this earnings release are available on the Company's website at www.callon.com located on the " Presentations " page within the Investors section of the site . Third Quarter 2021 and Recent Highlights Delivered production of approximately 99.7 MBoe / d ( 64 % oil ) in the third quarter of 2021 Generated net cash provided by operating activities of $ 294.6 million and adjusted free cash flow of $ 119.5 million Net income of $ 171.9 million , or $ 3.65 per diluted share , adjusted EBITDA of $ 292.2 million , and adjusted income of $ 137.9 million , or $ 2.93 per diluted share Achieved an operating margin of $ 45.16 per Boe , a 20 % increase from the previous quarter Finalized the acquisition of Delaware Basin assets from Primexx , significantly increasing operating cash flow and accelerating the projected timeline for corporate deleveraging Entered into agreements to divest non - core assets for cash consideration of approximately $ 170 million , bringing estimated gross asset sales proceeds to approximately $ 210 million for the year Completed the fall redetermination for Callon's credit facility with the borrowing base and elected commitment maintained at $ 1.6 billion Obtained shareholder approval for the conversion of $ 197 million of second lien debt into common shares , lowering net debt outstanding and reducing Callon's future interest burden by nearly $ 20 million annually Joe Gatto , President and Chief Executive Officer commented , " Our third quarter performance demonstrates Callon's continued commitment to operational excellence , balance sheet strength and delivering on our promises to shareholders . Our development program and financial results reflect both strong well performance and resilient capital efficiency . The team has been able to mitigate the majority of the inflationary pressures we have seen throughout the year which has bolstered our top - tier operating margins . The recent rise in commodity prices has been a welcome surprise and has enhanced our free cash flow generation , increasing our estimates for 2021 to over $ 250 million . This increase to bottom line cash flow will be dedicated to our deleveraging efforts and provides a clear path for Callon to reach our target debt metrics and absolute debt levels much sooner than originally anticipated , opening the door for meaningful discussions regarding shareholder return strategies in the future . " He continued , “ Our acquisition of the Primexx assets , coupled with multiple non - core divestitures , has not only improved our balance sheet , but will also allow us to expand our scaled model of life - of - field development in our core areas that will preserve long - term inventory quality . With an acreage position of over 186,000 net acres , our future development plans will be primarily focused on our Permian asset base , building upon the efficiency of current operations and delivering synergies from deployment of operational best practices . We have made significant progress integrating the acquired assets into our near - term activity and look forward to sharing more details about our 2022 plans for the broader Company in the coming months . " Credit Facility and Liquidity On November 1 , 2021 , Callon completed the fall redetermination for its senior secured credit facility . The borrowing base and elected commitment were both reaffirmed at $ 1.6 billion . As of September 30 , 2021 , the drawn balance on the facility was $ 723.0 million and cash balances were $ 3.7 million . The company expects to continue applying organic free cash flow and divestiture proceeds towards repayment of the credit facility balance . Close of Primexx Acquisition , Conversion of Second Lien Notes , and Additional Sale of Non - Core Assets On October 1 , 2021 , Callon completed the acquisition of leasehold interests and related infrastructure from Primexx Energy Partners and its affiliates . At closing , Callon paid an adjusted purchase price of $ 453.7 million in cash and 8.84 million shares of common stock , subject to post - closing adjustments . On November 3 , 2021 , shareholders voted to authorize the issuance of approximately 5.5 million shares of common stock to Chambers Investments , LLC , a private investment vehicle managed by Kimmeridge Energy , as part of the conversion of just under $ 200 million of our second lien notes . This conversion eliminates nearly $ 20 million of future annual interest payments and is expected to close on November 5 , 2021 . The Company recently entered into an agreement to sell certain non - core Midland Basin assets for approximately $ 38 million . The assets include approximately 1,150 net acres located in central Howard County and a single section in Midland County . Current average daily production for these assets is approximately 900 Boe per day ( 48 % oil ) .