LEGACY CARRIZO ROYALTY OWNERS

On December 20, 2019, Callon Petroleum Company (“Callon”) completed its merger with Carrizo Oil & Gas, Inc. (“Carrizo”). As such, your lease agreement with Carrizo will be administered by Callon prospectively.

While the terms of your lease will not change due to the merger, we recognize that during this transition period, you may have questions regarding your lease and/or royalty payments. For specific questions related to the merger, please see the below list of Frequently Asked Questions. If you have questions that are not answered by the FAQs provided below, you may contact owner relations directly by emailing owners@callon.com or by calling 281‑368‑7714. This will direct you to the same owner relations representatives who have historically handled your account. They will be prepared to assist you. If you would like to learn more about general information for Callon royalty owners, you may visit Callon’s website at https://www.callon.com/royalty-owners.


FREQUENTLY ASKED QUESTIONS FOR LEGACY CARRIZO ROYALTY AND/OR WORKING INTEREST OWNERS

Why is Callon my point of contact instead of Carrizo?

Effective December 20 2019, Callon completed its merger with Carrizo, with Carrizo merging with and into Callon, and Callon existing as the surviving entity. As such, your lease agreement with Carrizo will be administered by Callon prospectively and Callon’s Land Department is now your point of contact.

Will I continue to receive my royalty payments?

Yes. Provided your account is in good standing and your payment balance meets minimum thresholds there should be no change in your payment status.

How will I keep up with changes to my owner account related to this acquisition?

Expect future communications to appear on https://www.callon.com/royalty-owners

If I am a legacy Carrizo owner, will I need to establish an account with Callon?

Beginning in May 2020, you should go to EnergyLink (www.energylink.com) for owner information.

I have a Joint-Interest with Carrizo. Do I need to provide my W-9 to Callon?

Yes. Please contact owner relations at owners@callon.com.

How do I change my account from Carrizo to Callon?

There is no need for you to change your account.

Whom should I contact if I move?

Changes to your Carrizo account should be directed to the following:

Who do I contact if I need to obtain copies of historical checks, 1099s, etc.?
What if I am unsure which company I have done business with in the past?

Please visit https://www.callon.com/royalty-owners, and we will assist you in determining that information.

Whom do I contact if I own a royalty or working interest in properties with both companies?
  • If you own royalty or working interests with both legacy Carrizo and Callon, then each such interest will now all be managed by Callon.
  • Please contact owner relations at https://www.callon.com/royalty-owners

Payment Information

How do I add someone to my account?

Provide owner relations with a copy of the conveyance document establishing joint tenancy/ownership that has been recorded in the county and state where the minerals reside. Email a copy of the recorded document to owners@callon.com.

When are royalty checks issued?

Payments are released on the last day of the month. If that falls on a weekend or holiday, payments are released on the following business day. Please allow sufficient time for mail delivery (10 business days) prior to contacting owner relations.

What is minimum pay amount?

An owner must accumulate a minimum balance in their account of $100 in order for a check to be issued.

Why does my monthly payment amount vary?

Many factors may cause your payment to vary, including but not limited to, market conditions, suspended payments, adjustments (including any overpayments or underpayments), fluctuating commodity prices, regulatory or contractual changes, production volumes, seasonal conditions and routine maintenance or operating issues which may affect the volumes produced from a well during a given time period.

Why does my payment differ from others in my family?

This can occur because ownership between family members is not equal, because one party has not provided a Tax ID (TIN) or other required information, or because some family members may own interest in other properties in addition to those commonly owned. Other factors possibly causing variances between family member check amounts may be related to stale dated checks, returned checks and/or address changes.

Will my direct deposit change?

If you have received direct deposit in the past, you will continue to receive direct deposit.

General Terms

What are royalties?

Royalties represent the interests retained by lessors under an oil, natural gas and mineral lease. Funds are payable on these interests based upon the value of a percentage of the minerals produced from the lease.

When are royalty payments suspended?

Royalty payments may be suspended (or held in suspense) until certain conditions are satisfied. Generally, royalty payments may be suspended for several reasons including, but not limited to, the following: a missing Tax ID, insufficient address, assignment of interest, notice of death, lack of documentation/title confirming ownership, or disputes involving proper apportionment or ownership of interests in the minerals produced.

Amounts due are accumulated and are released when the matter in question has been resolved and all related documents have been received and processed. All payments are retroactive to the date of suspension.

Transfer Information

How do I make a change to my ownership?

The types of documents that can change ownership on a real property account include (but are not limited to): a deed, title, a court order or a death certificate. In some cases, there may be a need to file more than one type of document to complete the process. The documents must be recorded in the county where the minerals are located.

If you have any questions about the preparation or filing of a document, you may want to consult with an attorney, real estate professional or title company.

What information is needed when there is a change in Trustee?

Provide a copy of the applicable portion of the Trust document that identifies the successor Trustee, the duties and the powers of the Trustee, and the circumstances leading to the replacement of the Trustee.

I sent my transfer documentation in. How long will it take to hear back?

The amount of time that it takes to complete a transfer depends on the complexity of the issue. Once the transfer is complete, a Transfer Order will be mailed requesting a signature from all owners on the account.

Joint Interest Billing (JIB)

Who do I contact with JIB questions?