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Callon Acquires Midland Basin Acreage; Forms JV
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Callon Petroleum Company has announced that it has entered into definitive agreements with three private entities to acquire certain assets operated by Big Star Oil and Gas, LLC for total consideration of $220 million in cash and approximately 9.3 million shares of Callon common stock. ($82.8 million) based on closing price (as of 4/19/2016).
This seems to be on the high side, with a price of $21k/net acre. Parsley Energy recently acquired 22,908 acres for $15.6k/net acre.
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AcquisitionKey attributes of the Big Star transaction include:
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; 178 gross (165 net) identified horizontal drilling locations…- ✓ Full news archive — U.S., Canada & international coverage
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