RTTNews | Oct 5, 2021 10:54AM EDT

10:54 Tuesday, October 5, 2021 (RTTNews.com) - Callon Petroleum Co. (CPE) shares are trading more than 6 percent on Tuesday morning trade after the company completed the acquisition of leasehold interests and related oil, gas, and infrastructure assets of Primexx Energy Partners and its affiliates.

The company also announced non-core eagle ford divestiture for $100 million. Callon raised third-quarter production guidance to 98.5 to 99.5 Boe/day with 64 percent oil, while its previous guidance was in a range of 95.5-97.5 MBoe per day or 64 percent oil.

In view of the new acquisitions, the company updated 2021 full-year guidance to a range of 94.5-95.5, while the prior guidance was in a range of 89.0 to 91.0 MBoe per day. The company now expects 18 percent natural gas, up from 17 percent.

Currently, shares are trading at $57.61, up 6.82 percent from the previous close of $53.93.

Read the original article on RTTNews ( https://www.rttnews.com/3230610/callon-petroleum-up-on-acquisition-of-primexx-delaware-basin-assets-improved-outlook.aspx)

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