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Callon 9.5% shareholder Paulson votes against proposed Carrizo deal

  • The Paulson & Co. hedge fund says it has voted its 21.6M shares of Callon Petroleum (NYSE:CPE) against the proposed acquisition of Carrizo Oil & Gas (NASDAQ:CRZO), saying CPE's Q3 results demonstrate the strength of the company's stand-alone Permian Basin focus.
  • Paulson notes proxy advisors Institutional Shareholder Services and Glass Lewis recommend that CPE shareholders vote against the deal.
  • Paulson says the CPE board should focus on cutting G&A costs, which have increased by $12M-plus YTD vs. the first nine months of 2018; SIMOPS mega-pad development on its extensive stand-alone acreage; delivering on generating "true corporate-level" free cash flow organically; and engaging new, independent advisors to pursue a sale of the company.

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