Callan JMB to acquire Reger Oil's Williston assets for $12M; Reger to join board

CALLAN JMB INC.

Callan Power LLC will acquire Reger Oil's Williston Basin leases, minerals, equipment, and contracts for $10M Series A preferred stock plus $2M cash.
Closing expected on or before Sept 22, 2026; requires Nasdaq stockholder approval under Rules 5635(a)/(d) and customary title/environmental diligence.
Michael Reger (Seller principal) to become President of Buyer and a Callan JMB board member; a current director will resign post-closing.
Cash portion payable by Dec 31, 2026; Buyer will be renamed Reger Energy, LLC within six months of closing.
Deal is treated as an asset purchase, not a business acquisition; excluded from Regulation S-X business acquisition rules.

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