Callon Petroleum expands Permian Basin focus as it exits Eagle Ford - Midland Reporter-Telegram
Callon Petroleum expands Permian Basin focus as it exits Eagle Ford
Callon Petroleum is acquiring the assets of Percussion Petroleum, intensifying its focus on the Permian Basin while also selling its Eagle Ford holdings. Courtesy
Callon Petroleum’s two agreements announced earlier this month accomplish multiple goals for the Houston company. Both also accelerate the company’s debt reduction and allow for the initiation of a shareholder return program.
One agreement calls for Callon to acquire the membership interests of Percussion Petroleum Operating II in a cash and stock transaction valued at approximately $475 million and potential contingent payments of up to $62.5 million.
Related Knowledge Center: Methane
As the production of natural gas from shale fields has expanded, so have methane emissions. U.S. methane emissions grew 27 percent from 1990 to 2009, according to the Energy Information Administration. Methane contributes about 10 percent of all U.S. greenhouse gas emissions and is 25 times more potent a greenhouse gas than carbon dioxide.