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Callon Petroleum (CPE) has been an enigma for investors the last couple of months. A mid-sized crude oil and natural gas explorer & producer in the Permian Basin, the company has been in a public battle with several large shareholders over its proposed merger with Carrizo Oil & Gas (CRZO). The revised buyout price and conditions, announced November 14th, appears to have received the blessing of large shareholder Paulson & Co. and the independent proxy advisory firm Institutional Shareholder Services ((ISS)).
Under the amended terms, Carrizo shareholders will receive 1.75 shares