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Callon Petroleum Closes USD 245m Southern Midland Basin Asset Sale
Friday 14 June 2019

14 June 2019 - US-based independent energy company Callon Petroleum Company (NYSE: CPE) has closed on the sale of non-core assets in the southern Midland Basin to Sequitur Permian, LLC for net cash proceeds of USD 245m, the company said.
Net cash proceeds were adjusted for an effective date of January 1, 2019, and do not include potential contingent consideration payments of up to USD 60m based on West Texas Intermediate average annual pricing over a three-year period.
Callon is updating its full year guidance to account for the impact of this divestiture and a previously announced acreage trade involving producing properties in Midland County.
In addition, management is lowering its estimates for operational capital expenditures to reflect realized efficiencies and cost reductions.
Callon Petroleum Company is 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.
Details
Date Published: 14/06/2019
Target: Non-core assets in the southern,  Midland Basin
Country: USA
Deal Size: 245m (USD)
Sector: Petroleum/Natural Gas/Coal
Type: Divestment
Financing: Cash
Status: Closed
Vendor: Callon Petroleum Company
Buyer: Sequitur Permian, LLC
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