$12.5M Callan JMB Acquisition Targets 377 Producing Wells in Williston Basin

Callan JMB has entered into a definitive agreement to acquire non-operated working interests in producing oil and gas properties in the Williston Basin from The Pfanenstiel Company for $12.5 million in cash, plus reimbursement of certain in-process well costs.

The assets include interests in 377 gross producing wells, generating about 150 BOE/d of current net production, roughly 85% crude oil, plus 27 wells in process and about 3,000 net acres held by production. Net proved reserves total approximately 4.3 million BOE, about 79% oil.

Callan JMB targets closing before October 1, 2026, citing illustrative annualized net operating cash flow of $2.5 million at $75 WTI, implying a roughly 21% unlevered cash return on the purchase price from currently producing wells.