As previously disclosed , on August 26, 2026, Callan Power LLC (the "Buyer"), a Nevada limited liability company and a wholly-owned subsidiary of Callan JMB Inc. (the "Company"), entered into an Asset Purchase and Sale Agreement (the "APA") with The Pfanenstiel Company, LLC, an Oklahoma limited liability company (the "Seller"), pursuant to which the Buyer agreed to acquire fifty percent (50%) of the Seller’s right, title and interest in certain oil and gas leases and mineral interests on properties located in North Dakota and Montana.

 

On October 16, 2026, the Buyer notified the Seller that the Buyer and the Company reached the conclusion that the diligence conducted was not sufficient to support a decision to proceed with the transaction at this time. Accordingly, Buyer has exercised its right to terminate the APA with immediate force and effect. As a result of the termination, the Company will no longer need to raise additional capital to consummate the acquisition.

 

The parties may continue to evaluate a potential future transaction on different terms; however, there can be no assurance that any such transaction will be agreed upon or consummated.

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