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Callon Petroleum closes southern Midland Basin divestiture

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Oilfield Technology,

Callon Petroleum Company, an independent energy company focused on the acquisition and development of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas, US, has closed on the previously announced divestiture of non-core assets in the southern Midland Basin to Sequitur Permian, LLC for net cash proceeds of US$245 million, subject to customary post-closing adjustments.

Net cash proceeds were adjusted for an effective date of 1 January 2019, and do not include potential contingent consideration payments of up to US$60 million based on West Texas Intermediate average annual pricing over a three-year period.

Joe Gatto, President and CEO, commented: "We remain on a clear path to attain the various objectives we have outlined for investors. This transaction is a meaningful step forward on our deleveraging goals which will also be advanced by our cash flow generation in coming quarters."

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