Callan Power, the wholly owned energy subsidiary of Callan JMB, has agreed to acquire a non-operated working interest in Williston Basin oil and gas properties from The Pfanenstiel Company for $12.5 million in cash, plus certain costs for wells in process. The assets span 377 gross producing wells across five counties in North Dakota and Montana and currently generate about 150 BOE per day of net production, roughly 85% weighted to crude oil. An independent reserve report estimates $48.1 million of proved PV-10 and $82.7 million on a total proved, probable and possible basis. The portfolio also includes approximately 3,000 net acres held by production, more than four net proved undeveloped drilling locations and interests in 27 gross wells that are permitted, drilling, awaiting completion or being completed. At $75 WTI, the company illustrates approximately $2.5 million of annualized net operating cash flow, or a 21.2% unlevered cash return on the purchase price from producing wells alone. Callan JMB expects the transaction to close before Oct. 1, 2026.