Callon Petroleum, an independent energy company focused on the acquisition and development of unconventional onshore oil and natural gas reserves in the Permian Basin, completed the acquisition of Carrizo Oil & Gas, a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas, for $3.2bn. Carrizo shareholders received 1.75 shares of Callon common stock for each share of Carrizo common stock they own. Carrizo's common stock is no longer listed for trading on the NASDAQ. "We are excited about this transformational transaction, creating a differentiated oil and gas company by integrating core asset bases in premier basins. Together with Carrizo, we will accelerate our free cash flow, capital efficiency and deleveraging goals through an optimized model of large-scale development across the portfolio," Joe Gatto, Callon President and CEO.