Callan JMB Acquires Reger Oil Williston Basin Assets, Names Michael Reger President
CJMB has more than doubled off its 52-week low of $0.65 on light trading volume (0.1× avg).
Summary
Callan JMB's wholly owned subsidiary Callan Power has entered a definitive agreement to acquire Reger Oil's Williston Basin assets, with Michael Reger, former CEO of Northern Oil and Gas, named President of Callan Power and appointed to the board. The deal adds a 23-well Red River drilling program projected to generate $252 million in cumulative net operating cash flow, with drilling starting May 2027 and cash flow positive in the first year. This follows the PRE 14C filed July 31 and PRER14C filed August 17, which disclosed the $10M convertible preferred plus $2M cash terms and 54.3% dilution. The announcement provides new operational details and management leadership, but the company remains under going concern warning and Nasdaq delisting notices. Watch for closing of the acquisition and the start of drilling in May 2027.
At the time of this announcement, CJMB was trading at $2.50 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $14.3M. The 52-week trading range was $0.65 to $5.61. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.