Callan JMB agrees to buy Williston Basin non-operated oil, gas assets for $12.5 million cash

Callan JMB, via Callan Power, signed an agreement to buy non-operated Williston Basin oil and gas interests from The Pfanenstiel Company.

Cash consideration is set at $12.5 million, with reimbursement for certain costs tied to wells currently in process.

An independent reserve report estimates PV-10 at $48.1 million proved and $82.7 million on a proved, probable and possible basis.

The assets include interests across 377 producing wells, about 150 BOE/day of net output, roughly 85% crude oil weighted. The portfolio also includes interests in 27 wells in process.

Closing is targeted before Oct. 1, 2026.