Callon buying Ambrose assets
NATCHEZ — Callon Petroleum Company has signed a purchase and sale agreement with Ambrose Energy I, Ltd., a subsidiary of ExL Petroleum, LP, to acquire its interests in 22 producing wells located in Crockett, Ector, Midland and Upton Counties, Texas, for $16.25 million.
The company estimates the total proved reserves being acquired to be approximately 1.5 million barrels of oil equivalent.
Subject to examination of title and environmental issues, and termination of preferential purchase rights, Callon expects to close on or before Oct. 31, 2009. Upon closing, Callon will operate substantially all of the production and development.
“This is a first step in rebalancing Callon’s assets between offshore and onshore properties,” said Fred Callon, chairman and CEO. “The Permian Basin Wolfberry play provides our company with repeatable, oil-focused growth opportunities that can be further improved over time and forms a competitive foundation for Callon’s presence in the region.”
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- UMMC reaching out after death of high school football player
- Former Godwin CEO Danny Mitchell dies at 66
- Thousands of acres of Delta farmland to go on auction block
- Tragedy for Jackson Prep: Football player Walker Wilbanks dies
- Northrop Grumman lands $354M Air Force contract for Global Hawks
- Board files suit against VA over release of patients' names
- City trying to determine who has authority to spend gaming money
- MDOT: Work on I-269 is on schedule, several phases at halfway point
- Gov. Bryant sets special election date for Senate District 17