HOUSTON, Dec. 20, 2019 /PRNewswire/ -- Callon Petroleum
Company (NYSE: CPE) ("Callon") and Carrizo Oil & Gas, Inc.
(NASDAQ: CRZO) ("Carrizo") today announced that both companies'
common shareholders voted to approve all proposals necessary for
the parties' pending all-stock transaction at today's respective
special meetings held by each company. The merger is expected to
close by end of business today, December 20,
2019. Under the terms of the merger agreement, Carrizo
shareholders will receive 1.75 shares of Callon common stock for
each share of Carrizo common stock they own.
"We appreciate the strong support we received for our
combination," said Joe Gatto,
President and Chief Executive Officer of Callon. "Together with
Carrizo, we are creating a leading oil and gas company that is
positioned to accelerate the achievement of our stated goals
regarding increasing returns on capital and sustainable free cash
flow generation. As a larger enterprise, we will employ a more
efficient scaled development model that will drive a lower cost of
supply and underpin resilient performance over time. We look
forward to delivering to our shareholders and other stakeholders
the significant benefits we believe this combination provides."
About Callon
Callon is an independent energy company focused on the
acquisition and development of unconventional onshore oil and
natural gas reserves in the Permian Basin in West Texas. This
news release is posted on Callon's website at www.callon.com,
and will be archived for subsequent review under the "News" link on
the top of the homepage.
About Carrizo
Carrizo Oil & Gas, Inc. is a Houston-based energy
company actively engaged in the exploration, development, and
production of oil and gas from resource plays located
in the United States. Our current operations are
principally focused on proven, producing oil and gas plays in the
Eagle Ford Shale in South Texas and the Permian Basin
in West Texas.
Cautionary Statement Regarding Forward Looking
Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements include all statements regarding the expected timing of
the closing of the merger; the results, effects, benefits and
synergies of the merger; wells anticipated to be drilled and placed
on production; future levels of drilling activity and associated
production and cash flow expectations; Callon's 2019 production
guidance and capital expenditure forecast; estimated reserve
quantities and the present value thereof; and the implementation of
Callon's business plans and strategy, as well as statements
including the words "believe," "expect," "plans," "may," "will,"
"should," "could," and words of similar meaning. These statements
reflect Callon's current views with respect to future events and
financial performance based on management's experience and
perception of historical trends, current conditions, anticipated
future developments and other factors believed to be appropriate.
No assurances can be given, however, that these events will occur
or that these projections will be achieved, and actual results
could differ materially from those projected as a result of certain
factors. Any forward-looking statement speaks only as of the date
on which such statement is made and Callon undertakes no obligation
to correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Some of the factors which could affect
Callon's future results and could cause results to differ
materially from those expressed in Callon's forward-looking
statements include finalization of closing matters and satisfaction
of closing conditions; the volatility of oil and natural gas
prices; ability to drill and complete wells; operational,
regulatory and environment risks; cost and availability of
equipment and labor; Callon's ability to finance Callon's
activities; the ultimate timing, outcome and results of integrating
the operations of Carrizo and Callon; the effects of the business
combination of Carrizo and Callon, including the combined company's
future financial condition, results of operations, strategy and
plans; the ability of the combined company to realize anticipated
synergies and other benefits in the timeframe expected or at all;
and other risks more fully discussed in Callon's filings with the
Securities and Exchange Commission, including Callon's Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q, available
on Callon's website or the SEC's website at www.sec.gov.
Contact for Callon
Mark
Brewer
Director of Investor Relations
or
Kate Schilling
Investor Relations
Callon Petroleum Company
ir@callon.com
(281) 589-5200
Contact for Carrizo
Jeffrey P.
Hayden, CFA
Vice President - Financial Planning and Analysis
(713) 328-1044
or
Kim Pinyopusarerk
Manager - Investor Relations
(713) 358-6430
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content:http://www.prnewswire.com/news-releases/callon-and-carrizo-shareholders-approve-merger-300978373.html
SOURCE Callon Petroleum Company