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Callon Petroleum Acquires Primexx In $788 million Cash & Stock Deal

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   |    Sunday,August 08,2021

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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