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Callon Petroleum Acquires Primexx In $788 million Cash & Stock Deal
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Callon Petroleum said it will acquire leasehold interests and infrastructure from Primexx Energy Partners. Primexx is backed by funds from Ares a large private equity firm.
The assets are located in Delaware Basin with a contiguous footprint of 35,000 net acres in Reeves County and second quarter 2021 net production of approximately 18,000 barrels of oil equivalent per day ("Boe/d") (61% oil).
The cash and stock transaction is valued at approximately $788 million ($440 million in cash and 9.19 million shares of CPE), representing a headline purchase price multiple of approximately $43,800 per Boe/d, based on second quarter production.
The asset is said to have 300 locations based on 2-mile laterals.
Callon President and Chief Executive Officer Joe Gatto commented: "The Primexx transaction checks every operational and financial box on the list of compelling attributes of consolidation. The asset base adds substantial current oil production and a top-tier inventory to our Delaware portfolio, and fits squarely into our model of scaled, co-development of a multi-zone resource base.
Source : Callon Petroleum Investor Presentation
Source : Callon Petroleum Investor Presentation
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