Callan JMB to buy Reger Oil Williston Basin assets for $12 million mix of preferred stock and cash
CJMB•Closing timing and approvals
Closing is targeted on or before Sept. 22, 2026, subject to diligence and Nasdaq-required stockholder approval for the preferred issuance.
Purchase price and payment terms
The purchase price totals $12 million, paid with 1,000 Series A Perpetual Convertible Preferred shares valued at $10 million. The deal also includes $2 million in cash, due on or before Dec. 31, 2026.
Governance changes tied to the transaction
Governance changes include appointing Michael Reger as buyer president, renaming the unit, and adding a preferred-holder nominee to the board.
Asset purchase agreement for Williston Basin properties
Callan JMB entered an asset purchase agreement to buy Reger Oil assets in the Williston Basin, covering leases and related oil and gas properties.
