Revenue during the quarter surged 165.04 percent to $81.36 million from $30.70 million in the previous year period. Gross margin for the quarter expanded 676 basis points over the previous year period to 84.10 percent.

Operating income for the quarter was $32.25 million, compared with an operating loss of $34.77 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $56.67 million compared with $25.61 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1377 basis points in the quarter to 69.65 percent from 83.42 percent in the last year period.

"We are off to a strong start in 2017 with the increasing impact of our WildHorse area that is now in program development mode," commented Fred Callon, chairman and chief executive officer. "Our activity in this core area has initially focused on northern Howard County where we have demonstrated the repeatability of exceptional Wolfcamp A results from larger completion designs. Our efforts in WildHorse will now move toward the central part of Howard County, focusing on three development zones, and we will be active with two rigs across our entire Howard County position throughout 2017. In parallel, we have been executing our plans to initiate program development in our recently acquired Delaware Basin acreage position which will begin with the arrival of our fourth horizontal drilling rig in July. As we approach this date, we have been refining our completion designs and landing zone concepts based on analysis of core data from our Lower Wolfcamp A well that was placed on production in January 2017 and upgrading the existing infrastructure to support a two rig development program in the future. We have also been successful in expanding our footprint in this core area, increasing our Delaware Basin position by approximately 15% since we closed our initial acquisition in February and, importantly, enhancing our opportunity set with the extension of existing laterals and the addition of additional locations at attractive valuations."

The company has spent $668.50 million cash to meet investing activities during the quarter as against cash outgo of $60.96 million in the last year period.

The company has spent $1.90 million cash to carry out financing activities during the quarter as against cash inflow of $53 million in the last year period.

Cash and cash equivalents stood at $35.27 million as on Mar. 31, 2017, up 270.87 percent or $25.76 million from $9.51 million on Mar. 31, 2016.

Working capital remains negative
Working capital of Callon Petroleum Company was negative $39.41 million on Mar. 31, 2017 compared with negative $14.07 million on Mar. 31, 2016. Current ratio was at 0.75 as on Mar. 31, 2017, down from 0.81 on Mar. 31, 2016.

Days sales outstanding went down to 64 days for the quarter compared with 109 days for the same period last year.