Callan Power LLC, a subsidiary of Callan JMB Inc., has terminated the Asset Purchase and Sale Agreement with The Pfanenstiel Company for 50% of certain oil and gas leases in North Dakota and Montana. The termination was triggered because the buyer concluded that due diligence conducted to date was insufficient to support proceeding with the transaction. As a result, Callan JMB will no longer need to raise additional capital to consummate this specific acquisition. The parties may evaluate a future transaction on different terms, but there is no assurance any such deal will be agreed upon or closed. Callan JMB Inc. operates in the energy sector, focusing on oil and gas lease acquisitions.
