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Houston-based Callon Petroleum has agreed to acquire energy firm, Carizzo Oil & Gas. The $1.2 billion-all stock deal will gain Callon a strong presence in the Permian shale basin and the Eagle Ford shale field. The combined entity will own approximately 200,000 net acres in the two basins, which yielded over 100,000 boed in the first quarter. The deal is slated to finalize in the fourth quarter.