Callan JMB’s Callan Power to Acquire Reger Oil Assets in The Williston Basin; Northern Oil and Gas Former CEO and Founder Michael Reger Named President of Callan Power and Board Member
Program projected to generate approximately $252 million in cumulative net operating cash flow
23-well Red River drilling program forecast to achieve positive operating cash flow in its first year of drilling and generate approximately $42 million in annual net operating cash flow by 2029
SPRING BRANCH, Texas and Wayzata, Minn., Aug. 20, 2026 (GLOBE NEWSWIRE) -- Callan JMB Inc. (NASDAQ: CJMB) (“Callan JMB” or the “Company”), a diversified company focused on logistics, emergency preparedness and critical infrastructure, today announced that Callan Power LLC (“Callan Power”), a wholly owned subsidiary of Callan JMB, has entered into a definitive agreement to acquire certain oil and gas assets from Reger Oil, Inc. (“Reger Oil”) related to the development of the Williston Basin energy reserves. Upon closing the acquisition, Michael Reger, former CEO, Founder, and Chairman Emeritus of Northern Oil and Gas, Inc. (NOG), will be named President of Callan Power and will be responsible for Callan Power’s domestic energy-development platform. In connection with the transaction, Mr. Reger will be appointed to the Callan JMB Board of Directors.
Long-Term Energy Platform with Near-Term Cash Generation
The acquisition adds a defined, near-term energy-development platform to Callan JMB through Callan Power, anchored by a 23-well Red River drilling program in the Williston Basin. The program is scheduled to drill one well per month from May 2027 through March 2029. Callan Power will hold a 75% working interest, while Chandler Energy, LLC will serve as operator and hold the remaining 25% working interest.
Based on the Company’s current development assumptions, the program is projected to generate approximately $252 million in cumulative net operating cash flow to Callan Power over the productive life of the wells, which would accrue to Callan JMB on a consolidated basis. The program is forecast to be cash-flow positive in its first year of drilling, generate approximately $25 million in net operating cash flow in 2028, and build to approximately $42 million in 2029, when all 23 wells are scheduled to be online.
The forecasts reflect Callan Power’s 75% working interest and approximately 83% net revenue interest, assume a flat oil price of $75 per barrel, and are based on estimated ultimate recovery of approximately 7.3 million gross barrels across the 23-well program. These projections are internal estimates and have not been audited or prepared by an independent reserve engineer.
Reger Oil generated the Red River development program from the Focus Library, one of the largest privately held libraries of 2D seismic and prospect data in the Williston Basin. The library includes original seismic field tapes and hundreds of named drilling prospects, giving Reger Oil a substantial proprietary dataset to identify and advance development opportunities using modern 3D seismic technology to confirm the 2D prospects.
Reger Oil’s proprietary Focus Library traces its origins to geological and seismic work conducted across the Williston Basin beginning in the early 1970s. The data supported a significant regional exploration program initiated by Patrick Petroleum in 1974 and was later consolidated and fully acquired by Reger Oil in 2015. Today, the library supports identifying and evaluating hundreds of conventional oil prospects across multiple producing horizons, primarily the Red River Formation, utilizing modern 3D seismic technology.
The formation of Callan Power and this asset acquisition will broaden Callan JMB’s critical-infrastructure strategy into domestic energy development. Reliable energy supply is fundamental to emergency preparedness, transportation, logistics, healthcare delivery, and operational continuity. Through Callan Power, the assets to be purchased are expected to complement Callan JMB’s existing capabilities while establishing a new potential source of recurring cash flow that could support the Company’s continued growth across its core preparedness, logistics, and infrastructure businesses.
“Energy is critical infrastructure. Emergency response, healthcare delivery, transportation and supply-chain continuity all depend on reliable access to energy,” said Wayne Williams, Chief Executive Officer of Callan JMB. “The formation of Callan Power and this asset acquisition expand Callan JMB’s critical-infrastructure strategy into domestic energy development while providing the potential for meaningful, recurring cash flow beginning in the first year of drilling. We believe this platform can strengthen and diversify Callan JMB while supporting continued investment across our preparedness, logistics and critical-infrastructure businesses.”
“I am honored to join the Callan JMB Board of Directors and excited to work with the Callan Power team to combine its commitment to building a domestic energy platform,” said Michael Reger. “Together, we believe we have the foundation to advance a disciplined drilling program and create meaningful long-term value for Callan JMB shareholders. With one well (or more) scheduled to drill each month from May 2027, we expect the program to be cash-flow positive in its first year of drilling and build to approximately $42 million in annual net operating cash flow in 2029.”
About Reger Oil
Reger Oil is an oil and gas exploration and development company focused on the Williston Basin of Montana and North Dakota. Its exploration program is anchored by the Focus Library, one of the largest privately held 2D seismic libraries in the basin, with hundreds of named drilling prospects. Founder and Chief Executive Officer Michael Reger is a third-generation Williston Basin landman and the Founder and Chairman Emeritus of Northern Oil and Gas, Inc., the largest publicly traded non-operated upstream energy asset owner in the United States. Learn more at www.regeroil.com.
About Callan Power LLC
Callan Power LLC is a newly formed wholly owned subsidiary of Callan JMB Inc., established to advance the Company’s domestic energy-development strategy. Callan Power is building a domestic oil and gas exploration and development platform, initially focused on conventional oil prospects in the Red River Formation of the Williston Basin.
About Callan JMB Inc.
Callan JMB Inc. (NASDAQ: CJMB) is a diversified logistics, preparedness, and critical-infrastructure company supporting healthcare organizations, government agencies, and commercial partners. The Company provides fulfillment, warehousing, cold-chain logistics, monitoring, regulatory compliance, and emergency-preparedness services designed to protect critical products, strengthen supply chains, and support continuity of operations. Through its portfolio of businesses, strategic partnerships, and acquisitions, Callan JMB is building a broader platform spanning healthcare and pharmaceutical logistics, domestic manufacturing, critical-infrastructure services, and energy development.
Investor Contact
Valter Pinto, Managing Director
KCSA Strategic Communications
CallanJMB@kcsa.com
212.896.1254
Media Relations
Arian Hopkins
ahopkins@callanjmb.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated production, estimated ultimate recoveries, projected cash flows, drilling schedules, well timing, the expected use of cash flow from earlier wells to support the remaining drilling schedule, the prospective inventory associated with the Focus Library and the expected benefits of the acquisition. Forward-looking statements are based on current expectations, estimates and assumptions, including an assumed flat oil price of $75 per barrel, estimated well performance derived from decline-curve analysis, anticipated drilling and completion costs, operating expenses and applicable Montana production taxes, each of which is subject to significant uncertainty. Actual results may differ materially due to risks and uncertainties including commodity price volatility; drilling, completion and production results; mechanical, geological and operational risks; cost inflation and availability of equipment, services and personnel; reliance on the operator of the program; the timing of permits, drilling and wells coming online; title, leasing and acreage availability; regulatory developments; access to capital; and the other risks described in the Company’s filings with the Securities and Exchange Commission. Estimated ultimate recoveries and projected cash flows are internal estimates and have not been audited or prepared by an independent reserve engineer. The Company undertakes no obligation to update any forward-looking statement except as required by law.
