By OGJ editors
HOUSTON, Jan. 23 -- Callon Petroleum Co., Natchez, Miss., approved a 2006 capital expenditure budget of $125 million, a 40% increase from 2005.
The current budget includes plans to drill 21 exploratory wells. The wells will be in South Louisiana, in Louisiana and Texas state water, and in federal water on the shelf and in the deepwater region.
As of Jan. 17, the company said six wells were being drilled or were to be spudded within 1 month.