Callan JMB to Acquire Williston Basin Oil Assets to Boost Cash Flow

Key Facts

In a move reflecting a strategic pivot toward energy and critical infrastructure, Callan JMB has announced a definitive agreement to acquire oil and gas assets from Reger Oil in the Williston Basin. According to reports, the acquisition centers on a 23-well drilling program projected to generate approximately $252 million in cumulative net operating cash flow over the productive life of the wells. As part of the transition, Michael Reger, the former CEO and founder of Northern Oil and Gas, has been named President of Callan Power and a member of the board of directors.

This transaction strengthens Callan JMB's portfolio during a period of strategic shifts in the energy sector toward assets with stable cash flows, with the program aiming to reach $42 million in annual net operating cash flow by 2029. Under the terms of the agreement, Callan Power will hold a 75% working interest, while Chandler Energy will serve as the operator with a 25% interest. This expansion leverages the expertise of the new leadership in developing Williston Basin reserves to ensure long-term revenue growth.

On the operational front, updated price data for CJMB was unavailable at the time of this report on August 20, 2026, shifting investor focus toward the operational execution of the drilling program. Looking at the economic calendar, market participants are monitoring upcoming U.S. Retail Sales and the Michigan Consumer Sentiment index to gauge domestic demand levels, factors that may indirectly influence sentiment within the energy and infrastructure sectors in U.S. markets.