Callon Petroleum Company announced the expiration and final tender results of its previously announced cash tender offers (the "Offers") for any and all of its 8.000% Senior Notes due 2028 (the "2028 Notes") and any and all of its 7.500% Senior Notes due 2030 (the "2030 Notes" and, together with the 2028 Notes, the "Notes"). The terms and conditions of the Offers and the Consent Solicitations (as defined below) are set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of March 1, 2024 (as it may be amended or supplemented from time to time, the "Statement"). The Offers and the Consent Solicitations expired at 11:59 p.m., New York City time, on March 28, 2024 (the "Expiration Time") and no tenders submitted after the Expiration Time are valid.

According to information provided by D.F. King & Co Inc., the Information Agent and Tender Agent for the Offers, $615,000 aggregate principal amount of 2028 Notes and $177,000 aggregate principal amount of 2030 Notes were validly tendered after 5:00 p.m., New York City time, on March 14, 2024 (the "Consent Fee Deadline") but at or prior to the Expiration Time, pursuant to the Offers. Subject to the satisfaction or waiver of the conditions to the Offers, including satisfaction of the Merger Condition, the Company expects to accept for purchase on April 1, 2024 (the "Settlement Date") all Notes validly tendered and not validly withdrawn at or prior to the Expiration Time. Holders of Notes validly tendered and not validly withdrawn prior to the Consent Fee Deadline, and accepted for purchase, will receive total consideration per $1,000 principal amount of Notes validly tendered and accepted for purchase equal to the fixed spread (the "Fixed Spread") plus a yield based on the bid-side price of the U.S. Treasury Reference Security, each as specified in the table below (the "Total Consideration"), which includes a consent fee of $30 per $1,000 principal amount of the Notes (the "Consent Fee"), plus accrued and unpaid interest from and including the last interest payment date up to, but excluding, the Settlement Date.

Holders who validly tendered their Notes after the Consent Fee Deadline but at or prior to the Expiration Time, and whose Notes are accepted for purchase, will be entitled to receive the Total Consideration less the Consent Fee (the "Tender Offer Consideration"). Holders who tendered their Notes after the Consent Fee Deadline will not receive the Consent Fee. The early results of the Offers were previously announced in the announcement dated March 15, 2024.

As disclosed therein, $641,128,000 aggregate principal amount of 2028 Notes, or approximately 98.6% of the then-outstanding 2028 Notes, and $584,213,000 aggregate principal amount of 2030 Notes, or approximately 97.4% of the then-outstanding 2030 Notes, were validly tendered and not validly withdrawn at or prior to the Consent Fee Deadline, in accordance with the Statement. In connection with the Offers, the Company also solicited (the "Consent Solicitations") consents ("Consents") from the holders of the Notes for certain proposed amendments (the "Proposed Amendments") that would, among other things, eliminate substantially all restrictive covenants and certain of the default provisions contained in each of the indentures governing the Notes. All tenders of Notes under the procedures described in the Statement constituted the consent of the holder thereof to the Proposed Amendments.

Because Consents of the holders of at least a majority of the aggregate principal amount of each series of the Notes were received as of the Consent Fee Deadline, the Company and U.S. Bank Trust Company, National Association, as trustee under the indentures governing the Notes, executed and delivered supplemental indentures to the indentures governing each series of the Notes implementing the Proposed Amendments, to become operative upon the satisfaction or waiver of the conditions to the Offers, including the satisfaction of the Merger Condition. Subject to the satisfaction or waiver of such conditions, as applicable, it is expected that the Proposed Amendments will become operative on the Settlement Date. Upon becoming operative, the Proposed Amendments will apply to all holders of each series of the Notes.

The Offer and Consent Solicitation for each of the 2028 Notes and 2030 Notes was made independently of the Offer and Consent Solicitation for the other series of Notes, and the Company reserves the right, subject to applicable law, to terminate, withdraw, amend or extend the Offer and Consent Solicitation for any series of Notes without also terminating, withdrawing, amending or extending the Offer and Consent Solicitation for any other series of Notes.