[Editor's note: This story was updated at 1:55 p.m. CST April 10.]

Callon Petroleum Co. said April 8 it will cash in noncore assets in the Midland Basin for possible proceeds of up to $320 million as the Permian producer works to optimize its position in the prolific basin.

An undisclosed company agreed to buy Callon’s position in the Ranger operating area in the southern Midland Basin for $260 million cash plus the possibility of up to $60 million in incremental cash payments tied to oil prices.

The Ranger operating area, comprising 66% working interest in 9,850 net Wolfcamp acres, where Callon hasn’t been as active. Daily production from the Callon’s assets in February averaged about 4,000 barrels of oil equivalent per day (52% oil).

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