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Two interesting oil and gas E&P (exploration and production) firms have, in an effort to grow larger and become more efficient, decided to work together in order to create significant shareholder value. This maneuver takes the form of one of the players, Callon Petroleum (CPE) acquiring rival Carrizo Oil & Gas (CRZO) in an all-stock transaction valuing the latter on an EV (enterprise value) basis of nearly $3.2 billion. While shareholders of Callon did not take the news all that well, the fact of the matter is that Callon appears to