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Shares of Texas-focused energy companiesCallon Petroleum (NYSE: CPE) and Carrizo Oil & Gas(NASDAQ: CRZO) both rallied more than 10% by 11:15 a.m. EST on Tuesday. Lifting these two oil stocks, which are in the process of merging, was their expectation-beating third-quarter reports.
Callon and Carrizo are in the midst of a hotly contested merger. Callon initially agreed to an all-stock deal to buy Carrizo for $3.2 billion in July. But activist investors have criticized the transaction and are working on getting other shareholders to vote against the deal on Nov. 14.