Callon Petroleum Acquires Private Permian Operator Primexx for $788 Million

Callon Petroleum agreed on Aug. 4 to acquire Primexx Energy Partners, a private oil and gas operator in the Delaware Basin, in a cash-and-stock transaction.

Callon Petroleum Acquires Private Permian Operator Primexx for $788 Million

The acquisition of Primexx Energy Partners will increase Callon Petroleum’s Delaware Basin position to over 110,000 net acres, the company said. (Source: Hart Energy)

Callon Petroleum Co. is set to grow its position in the Permian Basin through the acquisition of Primexx Energy Partners in a cash-and-stock transaction valued at approximately $788 million.

In an Aug. 4 release, Callon announced the agreement to acquire the leasehold interests and related oil, gas, and infrastructure assets of Primexx, a private oil and gas operator in the Delaware Basin with a contiguous footprint of 35,000 net acres in Reeves County, Texas. Primexx’s net production in the second quarter was about 18,000 boe/d (61% oil).

“The Primexx transaction checks every operational and financial box on the list of compelling attributes of consolidation,” commented Joe Gatto, president and CEO of Callon, in the company release.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.