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Callon Petroleum sets shareholders meeting to vote on merger with Carrizo

Callon Petroleum Co. scheduled a special meeting of shareholders for Nov. 14 to vote on the proposed $3.2 billion merger with Carrizo Oil & Gas Inc.

Shareholders of record Oct. 7 will be entitled to vote their shares in person or by proxy, according to an Oct. 10 news release from Callon.

Paulson & Co. Inc., which holds about 9.5% of Callon stock, had said it would vote against the deal.

The transaction is expected to close during the fourth quarter.

Callon shareholders will own about 54% of the merged company, while Carrizo shareholders will own about 46% on a fully diluted basis.

Callon also announced the appointment of three new board members coming from Carrizo's board: Frances Aldrich Sevilla-Sacasa and Carrizo co-founders Sylvester Johnson IV and Steven Webster.