Callan JMB to Acquire Williston Basin Assets for $12.5M, Adding $48M Proved PV-10
CJMB has more than doubled off its 52-week low of $0.65 on light trading volume (0.1× avg).
Summary
Callan JMB, through its Callan Power subsidiary, has agreed to acquire non-operated Williston Basin oil and gas assets from The Pfanenstiel Company for $12.5 million in cash. The deal includes interests in 377 producing wells, approximately 150 BOE/day of net production, and 27 additional wells in process. An independent reserve report estimates proved PV-10 at $48.1 million and total 3P PV-10 at $82.7 million. The company projects about $2.5 million in annualized net operating cash flow at $75 WTI, implying a 21% unlevered cash return on the purchase price. This follows the recent Reger Oil acquisition and significantly expands Callan Power's energy footprint. The transaction is expected to close before October 1, 2026, subject to financing and other conditions.
At the time of this announcement, CJMB was trading at $2.06 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $12.1M. 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.