Skip to main content

Callon Petroleum closes southern Midland Basin divestiture

Published by , Editor
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."

Read the article online at:

You might also like

Wintershall Dea awarded first onshore CCS licence in Denmark

The Danish Ministry of Climate, Energy and Utilities has awarded Wintershall Dea with the operatorship for the Greenstore CO2 storage licence in Jutland. The company has developed an ambitious future work programme to establish the CO2 storage together with its partners INEOS Energy Denmark and Nordsøfonden.


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

Upstream news US upstream news