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.
Top Posts & Pages
- DAVID DALLAS — Cannabis for the rest of us
- MARTY WISEMAN: The current racial strife and the failure to educate
- Source: Bryant has offered Glenn McCullough MDA job
- BILL CRAWFORD: Boyce takes hot spot as IHL commissioner
- Planters Bank promotes at 3 locations
- COMMERCIAL FINANCE 701: Loans disguised as government bonds (BOANs)
- (WITH VIDEO) Funding secured for Capitol Art Lofts in downtown Jackson
- Real Estate Forum panelists: Lenders, investors hungry for deals on residential rentals in Miss., elsewhere
- Two new casinos like the odds on Mississippi Gulf Coast