Callon, based in Houston, also has positions in the Midland Basin and Eagle Ford Shale. (Source: Callon Petroleum Investor Presentation) Callon last added on to its position in 2019 with the acquisition of Carrizo Oil & Gas Inc. The all-stock transaction, valued at $2.7 billion, included the assumption of $1.96 billion of net debt and preferred stock. Since the Carrizo acquisition, Callon has worked to accelerate debt reduction including through the sale last year of overriding royalty interest in substantially all Callon-operated oil and gas leaseholds to a private investment vehicle managed by private equity firm Kimmeridge Energy. At the time, Callon also issued $300 million of principal value second lien secured notes to Kimmeridge.