NATCHEZ — Callon Petroleum Company (NYSE: CPE) announced recently it has entered into an agreement with W&T Offshore, Inc. to sell its interests in the Medusa field and Medusa Spar, LLC, and substantially all of its Gulf of Mexico shelf assets, for total cash consideration of $100 million.

The effective date of the transaction will be July 1, 2013, and is expected to close on or before November 30, 2013, subject to customary closing conditions.

“This transaction marks the successful completion of our transition to an onshore company and emergence as a pure-play Permian operator,” said Fred Callon, chairman and chief executive officer.