Callon is the operator of the Entrada field, which is located in approximately 4,650 feet of water in the deepwater region of the Gulf of Mexico. The two wells would target commercially productive sands between 13,000 and 21,000 feet.

Fred Callon, CEO of Callon, said: With a drilling rig under contract we continue to be on schedule with our planned Entrada field development. We have had a lot of experience with the Ocean Victory and have great confidence in Diamond Offshore’s capability and experience drilling quality well bores.

The company acquired BP Exploration and Production’s 80% interest in the Entrada field and assumed operations of the property earlier in 2007.