Callan JMB Inc. Announces Acquisition of 50% ND/MT Oil & Gas Assets

What Happened
Callan JMB Inc. (via its subsidiary Callan Power LLC) announced it entered into an Asset Purchase and Sale Agreement on August 26, 2026 to acquire a fifty percent (50%) interest in certain oil and gas leases, wells and related assets located in North Dakota and Montana from The Pfanenstiel Company, LLC. The agreed purchase price is $12,500,000 in cash at closing, plus a $1,000,000 escrow deposit to cover drilling and completion costs incurred between agreement signing and closing. The deal is expected to close on or before September 30, 2026, and is subject to customary closing conditions, due diligence, and Buyer financing.

Key Details

• Buyer: Callan Power LLC, a subsidiary of Callan JMB Inc.; Seller: The Pfanenstiel Company, LLC.
• Purchase Price: $12,500,000 cash at Closing; plus $1,000,000 deposited into escrow for pre-closing drilling/completion costs.
• Closing timeline & conditions: Expected on or before September 30, 2026; contingent on due diligence, Buyer financing, accuracy of representations, required deliverables, absence of blocking litigation, and other customary conditions.
• Asset scope & terms: 50% interest in specified ND and MT leases, wells, equipment, contracts and records; certain wellbores are excluded per the agreement; assets largely purchased “as is,” with only a special warranty of title in the assignment.
• Other terms: Either party may terminate if closing conditions aren’t met; parties may assign for a 1031 exchange; APA governed by Texas law and contains standard reps, covenants and indemnities.

Why It Matters
This is a material acquisition that expands Callan JMB’s oil and gas asset base and operational exposure in North Dakota and Montana. The $12.5M cash outlay plus escrowed funds represent a concrete near-term capital commitment and depend on successful financing and due diligence. Investors should note the transaction is subject to customary closing risks (financing, due diligence, potential regulatory or litigation hurdles) and that the assets are being bought largely on an “as‑is” basis with limited title warranty.