Selling Ranger area in southern Midland Basin - includes 9,850 net Wolfcamp acres, 4,000 BOEPD production
Callon Petroleum Company (stock ticker: CPE, $CPE) said it is selling non-core assets in the Midland Basin for initial cash proceeds of $260 million.

The agreement also provides for potential incremental cash payments of up to $60 million based upon future commodity prices with upside participation starting at the $60/Bbl West Texas Intermediate level.

Callon CEO Joe Gatto said, "We are ... monetizing lower margin, non-core properties that have not competed for capital on a sustained basis. The proceeds from this divestiture will accelerate our debt reduction initiatives and also provide the opportunity to retire our preferred st...

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