Callon Petroleum Completes Acquisition of Big Star’s Midland Basin Assets for $220 Million, Texas
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Callon Petroleum Company has closed on the previously reported acquisition of certain assets in the Midland Basin operated by Big Star Oil and Gas, LLC, including approximately 17,298 gross (14,089 net) surface acres, primarily located in Howard County, Texas, with additional acreage in Martin, Borden and Dawson counties, Texas. Including the area of mutual interest transaction in western Reagan County that closed earlier this month, the Big Star acquisition increases Callon’s surface acreage position in the Midland Basin to approximately 34,000 net acres and establishes a new core area for development. Total consideration paid for the acquisition was approximately $220 million in cash.
“We are looking forward to advancing our planned development of this important new acreage position centered in Howard County that we have named the WildHorse area. We currently expect to complete our first well on this acreage in mid-June 2016 and are finalizing plans to add a drilling rig to the area in the second half of the year,” said Fred Callon, chairman and chief executive officer.
About Callon Petroleum Company
Callon is an independent energy company focused on the acquisition, development, exploration, and operation of oil and gas properties in the Permian Basin in West Texas.
To stop by Callon’s website, CLICK HERE
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