Mergers & Acquisitions ·
Callan Power acquires 50% interest in North Dakota and Montana oil and gas leases for $12.5M
CJMBCallan Jmb Inc.
On August 26, 2026, Callan Power LLC, a subsidiary of Callan JMB Inc., entered into an Asset Purchase and Sale Agreement to acquire a 50% interest in certain oil and gas leases and wells located in North Dakota and Montana from The Pfanenstiel Company. The aggregate purchase price is $12,500,000 in cash, plus a $1,000,000 supplemental escrow deposit to cover drilling and completion costs incurred between execution and closing. Any remaining escrow funds will be remitted to the seller after cost payments or six months post-closing, whichever is earlier. The transaction is expected to close on or before September 30, 2026, subject to customary conditions including due diligence, financing, and regulatory approvals. Callan JMB Inc. operates in the energy sector, specifically focusing on oil and gas exploration and production.