Houston-based Callon Petroleum said Monday it will acquire another Houston company, Carrizo Oil & Gas, in an all-stock transaction valued at $3.2 billion. The deal will create “a leading oil and gas company with scaled development operations across a portfolio of core oil-weighted assets in both the Permian Basin and Eagle Ford Shale.” Callon and Carrizo produced a combined 102,3000 boed in 2019Q1 (71 percent oil). The announcement said there will be 9-10 drilling rigs with 3-4 completion crews working in 2020 primarily in Permian Basin. Callon will now have assets of about 200,000 net acres in Permian Basin and Eagle Ford, including 90,000 net acres in Delaware Basin, and 2,500 total gross horizontal drilling locations. The transaction is expected to close in 2019Q4.