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.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Gulf LNG terminal mulling export opportunities
- Education officials changing school rating system
- Yarber could be sworn in today as new Jackson mayor
- Capital City voters to elect new mayor in runoff
- Historic COFO building demolished due to structural problems
- After review, MSU moves forward on new research facility
- Pharma Pac lays off rest of workers; could end up owing state
- Seafood R’evolution set to make Mississippi ‘the new culinary epicenter of the South’
- Ole Miss launches commitment to be 'climate neutral'
- Study: Mississippi has highest sales tax rate in U.S.