Russell Parker joins Callon as it moves toward becoming a pure-play Permian Basin E&P following deals to acquire Delaware Basin assets and exit the Eagle Ford.
Callon Petroleum (CPE) Announces Chief Operating Officer Transition streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
/PRNewswire/ Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced that Russell Parker is expected to join the Company as Senior.
Callon has entered into a definitive agreement to acquire the membership interests of Permian-based Percussion Petroleum Operating II in a cash and stock transaction valued at approx. $475 million and potential contingent payments of up to $62.5 million. Under a separate agreement, Callon agreed to sell all its assets in the Eagle Ford Shale to Ridgemar Energy Operating for $655 million in cash and potential contingent payments of up to $45 million.
Callon's operations will be focused on its more than 145,000 net acres in the prolific Permian basin, executing its proven "Life of Field" Co-Development Model on an expanded Delaware Basin footprint.