Callan JMB Inc. (NASDAQ: CJMB) said on Thursday its wholly owned subsidiary Callan Power LLC will acquire non-operated working interests in oil and gas assets from The Pfanenstiel Company for $12.5 million in cash, plus reimbursement of certain well-related costs.
The assets are located in the Williston Basin, spanning North Dakota and Montana. The portfolio includes interests in 377 producing wells with current net production of about 150 barrels of oil equivalent per day, as well as interests in 27 additional wells in various stages of drilling or completion. Callan Power will also gain control of approximately 3,000 net acres held by production.
An independent reserve report by Pinnacle Energy Services estimates proved reserves at roughly 4.3 million barrels of oil equivalent, with a PV-10 value of $48.1 million on a proved basis and $82.7 million on a total proved, probable, and possible basis. At West Texas Intermediate prices of $75 per barrel, the assets are projected to generate about $2.5 million in annualized net operating cash flow.
The acquisition will be structured as a non-operated interest, meaning Callan Power will participate in production and cash flow without assuming direct operational responsibility. Michael Reger, who will serve as President of Callan Power, will oversee the assets.
Callan JMB describes itself as a diversified company focused on logistics, emergency preparedness, and critical infrastructure, serving healthcare organizations, government agencies, and commercial partners. The deal is expected to close before October 1, 2026.
