M&A Deal Summary

Sequitur Energy Resources Acquires Callon Petroleum - Non-Core Assets

On April 8, 2019, Sequitur Energy Resources acquired oil/gas exploration company Callon Petroleum - Non-Core Assets from Callon Petroleum for 320M USD

Acquisition Highlights
  • This is Sequitur Energy Resources’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Sequitur Energy Resources’ largest (disclosed) transaction.
  • This is Sequitur Energy Resources’ 1st transaction in the United States.
  • This is Sequitur Energy Resources’ 1st transaction in Mississippi.

M&A Deal Summary
Date 2019-04-08
Target Callon Petroleum - Non-Core Assets
Sector Oil/Gas Exploration
Buyer(s) Sequitur Energy Resources
Sellers(s) Callon Petroleum
Deal Type Divestiture
Deal Value 320M USD

Target

Callon Petroleum - Non-Core Assets

Natchez, Mississippi, United States
Callon Petroleum Co. - Non-Core Assets comprises operating area in the southern Midland Basin which includes approximately 9,850 net Wolfcamp acres (66% working interest), over 80 currently producing horizontal wells that have been drilled since 2012 and 70 net, delineated locations that exceed internal threshold of an IRR of greater than 25% at strip pricing. Daily production from these assets averaged approximately 4,000 Boe/d (52% oil) in February 2019. Our capital plans for the year are unchanged as there was no planned activity in the Ranger area for 2019.

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Buyer(S) 1

Buyer

Sequitur Energy Resources

Houston, Texas, United States
Category Company
Founded 2013
Sector Oil/Gas Exploration
DESCRIPTION

Sequitur Energy Resources is a an oil and gas exploration and production company. Sequitur Energy Resources was founded in 2013 and is based in Houston, Texas.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Mississippi) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Callon Petroleum

Houston, Texas, United States
Category Company
Founded 1950
Sector Oil/Gas Exploration
Revenue 3.2B USD (2022)
DESCRIPTION

Callon Petroleum is an independent energy company focused on the acquisition, development, exploration, and operation of oil and gas properties in the Permian Basin in West Texas. Callon Petroleum was incorporated in 1950 and is based in Houston, Texas.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Mississippi) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-04-16 Medusa Spar

Canyon,, Mississippi, United States

Medusa Spar LLC is a limited liability company .The Company owns a 75% undivided ownership position in the spar production platform moored in over 2,200 feet of water on the Medusa field in the Gulf of Mexico, Mississippi Canyon Block 582.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-15 Carrizo Oil & Gas

Houston, Texas, United States

Carrizo Oil & Gas, Inc. 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. Carrizo Oil & Gas, Inc. was formed in 1993 and is headquartered in Houston, Texas.

Buy $3.2B
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