Thursday, February 4, 2010

Callon Shifts Onshore into the Wolfberry Play

Callon Petroleum Company announced details of its strategy shift to diversify its asset base onshore on February 2. They stated “the cash flow generated from our two deepwater fields with quality, long lived resources will be reinvested into onshore conventional oil and shale gas properties.” They said they made two transformational acquisitions “extending its operations onshore into the Wolfberry oil play in the Permian Basin.” Their primary target in the Permian Basin is the Wolfberry trend.

Callon is another example of a company targeting the Wolfberry play in West Texas.

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