---
schema_version: "secwatch.filing_event.v1"
accession: "0000928022-23-000122"
form_type: "8-K"
ticker: null
cik: "0000928022"
company_name: "Callon Petroleum Co"
filed_at: "2023-07-07T23:59:59+00:00"
generated_at: "2026-06-13T11:27:30.575348+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Callon closes Percussion acquisition ($249M cash+6.3M shares) & Eagle Ford sale ($551M); debt cut ~$300M; $300M buyback

## Summary
- Acquired Percussion (Delaware Basin) for ~$249M cash plus ~6.3M shares ($210M), plus earnout up to $62.5M based on WTI thresholds.
- Sold Eagle Ford assets to Ridgemar for $551M cash; contingent consideration up to $45M if WTI exceeds thresholds in 2024.
- Net debt reduced approximately $300M; gross debt below $2.0B; redeemed $187.2M of 8.25% Senior Notes due 2025.
- Board authorized $300M share repurchase program over two years; first repurchases expected in Q3 2023.

## SEC filing metadata
- accession: 0000928022-23-000122
- form_type: 8-K
- cik: 0000928022
- company_name: Callon Petroleum Co
- filed_at: 2023-07-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/928022/000092802223000122/0000928022-23-000122-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/928022/000092802223000122/cpe-20230703.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000928022-23-000122
- JSON: https://secwatch.observer/filing/0000928022-23-000122.json
- Plain text: https://secwatch.observer/filing/0000928022-23-000122.txt

## Key facts
- M&A Transactions
  Callon Petroleum Co completed a disposition involving Ridgemar Energy Operating, LLC for approximately $551.0 million in cash (closed 2023-07-03).
  - Action: disposition
  - Counterparty: Ridgemar Energy Operating, LLC
  - Consideration: approximately $551.0 million in cash
  - Closing: 2023-07-03
  source text: Concurrently, CPOC completed the Eagle Ford Divestiture for a sale prices of approximately $551.0 million in cash as total consideration for the equity interests in Callon Eagle Ford.
  evidence_url: https://www.sec.gov/Archives/edgar/data/928022/000092802223000122/0000928022-23-000122-index.htm
- M&A Transactions
  Callon Petroleum Co completed an acquisition involving Percussion Petroleum Management II, LLC for approximately $248.6 million in cash, inclusive of the repayment of Percussion Target’s indebtedness of approximately $220.0 million, and approximately $210.0 m (closed 2023-07-03).
  - Action: acquisition
  - Counterparty: Percussion Petroleum Management II, LLC
  - Consideration: approximately $248.6 million in cash, inclusive of the repayment of Percussion Target’s indebtedness of approximately $220.0 million, and approximately $210.0 m
  - Closing: 2023-07-03
  source text: On July 3, 2023, the Company and CPOC completed the Percussion Acquisition for a purchase price of approximately $248.6 million in cash, inclusive of the repayment of Percussion Target’s indebtedness of approximately $220.0 million, and approximately $210.0 million in shares of Company common stock (the “Stock Consideration”) as total consideration for the equity interests acquired in Percussion Target.
  evidence_url: https://www.sec.gov/Archives/edgar/data/928022/000092802223000122/0000928022-23-000122-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.