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Callon Acquires Carrizo in $3.2 Billion Deal

Announced Date
July 15,2019
Deal Value $
Net Acres
Location Count
Transaction Type
Price Per BOE $
Source Documents:
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Gulf Coast - South Texas,Permian - Delaware Basin

United States


Frio ,La Salle ,MCMullen ,Atascosa ,Dimmit ,Reeves ,Ward ,Culberson


Production & Reserves
62,000 Boe/d

Production Mix
64 % Oil

329.4 MMboe (1P)

Production ($/boe/d)

$Price/Net Acre

$Price/Adj. Net Acre

$1P Boe


Adj. $/acre is based on production @40,000 Boe/d

Transaction Details: 

Callon Petroleum has agreed to acquire Eagle Ford and Delaware Basin player Carrizo Oil & Gas in a $1.2 billion all-stock deal plus $1.71 billion in debt.  Carrizo had 92.5 million shares outstanding at the end of the second quarter.

This deal closed on December 20, 2019.

Amended Agreement - 11/14/2019

On November 14, Callon and Carrizo amended their merger deal to the following:

  • Under the amended terms, Carrizo shareholders will receive 1.75 shares (amended from 2.05 shares) of Callon common stock for each share of Carrizo common stock they own.
  • With the amended exchange ratio, Callon shareholders will own approximately 58% (up from 54% initially) of the combined company and Carrizo shareholders will own approximately 42% (down from 46% initially) on a fully diluted basis.

A Look at the Assets

Based on operator leasehold data from Shale Experts Mapping Database, you can see that the Carrizo's eastern Delaware Basin acreage fits perfecting with Callon's operating area. However looking west, in Culberson County, the wells there are very gassy.

Carrizo's Asset Details:

Carrizo produced 62 Mboe/d and 40.7 Mbbld as of 1Q19, which represents 64% oil.

Acreage :

  • Eagle Ford : 76, 500 with > 600 undrilled locations
  • Delaware Basin : 46,000 with > 1400 undrilled locations.


  • Reserves : 329.4 MMBOE

Rig Activity:

  • 2 Rigs in Delaware Basin
  • 1 Rig in Eagle Ford


Under the terms of the agreement, Carrizo shareholders will receive 2.05 Callon shares for each share of Carrizo common stock they own. This represents $13.12 per Carrizo share based on Callon's closing common stock price on July 12 and a premium of 18% to Carrizo's trailing 60-day volume weighted average price.

Following the close of the transaction, Callon shareholders will own approximately 54% of the combined company, and Carrizo shareholders will own approximately 46%. 


Proforma / Combined Assets

  • Permian Land : 120,000 net acres
  • Locations : ~1900
  • Production (1Q19) : 62.7 Mboe/d (66% oil)

Eagle Ford:

  • Eagle Ford Land: 80,000 net acres
  • Locations  : ~600
  • Production (1Q19) : 39.5 Mboe/d (79% oil)



Price History

Date Deal Headline Price$/acre
Aug-14-2023 Silverbow Increase Eagleford Footprint , Chesapeake Exits - -
May-03-2023 Crescent Energy Acquires Eagle ford Assets For $600 Million - -
Feb-28-2023 Baytex Acquires Pure Play Eagle Ford Operaor Ranger Oil - -

Other Carrizo Oil & Gas Inc. Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
Aug-14-2018 - - Click here Texas  E&P
Dec-12-2017 - - Click here Texas  E&P
Nov-27-2017 - - Click here Colorado  E&P
Oct-06-2017 - - Click here Pennsylvania  E&P
Sep-05-2017 - - Click here Ohio  E&P

Other Callon Petroleum Co. Deals

Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jan-04-2024 - - Click here Texas  E&P
May-03-2023 - - Click here Texas  E&P
Oct-11-2021 - - Click here Texas  E&P
Aug-09-2021 - - Click here Texas  E&P
Oct-01-2020 - - Click here Texas  E&P