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Callan JMB’s Callan Power to Acquire Reger Oil Assets in The Williston Basin; Northern Oil and Gas Former CEO and Founder Michael Reger Named President of Callan Power and Board Member

Program projected to generate approximately $252 million in cumulative net operating cash flow

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Hello Everyone,

We are coming off of a busy week and we expect more of the same over the next few days.

Turn your attention to Callan JMB Inc. (NASDAQ: CJMB) right away.  This one is hovering right around $2.50 as we speak.

CJMB is an integrated logistics and infrastructure services company supporting the healthcare industry, emergency-management agencies, and other organizations responsible for maintaining essential operations. The Company provides fulfillment, specialty packaging, warehousing, cold-chain logistics, monitoring, regulatory compliance, inventory management, and emergency-preparedness and response services. Through Callan Power LLC, Callan JMB is extending its experience in critical supply chains and infrastructure into energy resilience, grid reliability, and the domestic manufacturing of critical electrical equipment.

SUBSIDIARIES

Callan JMB Taps NOG Founder Michael Reger to Lead New Williston Basin Energy Push

Callan JMB (Nasdaq: CJMB) just made its most significant strategic pivot yet, and it's worth understanding why a logistics and emergency-preparedness company is suddenly buying oil and gas assets. The company's board formed a new subsidiary, Callan Power LLC, which has agreed to acquire Williston Basin energy assets from Reger Oil, anchored by a 23-well drilling program targeting the Red River Formation in North Dakota and Montana. The strategic logic, as CEO Wayne Williams frames it, is that energy is itself critical infrastructure — emergency response, healthcare delivery, and supply chains all depend on reliable energy access, so this move extends Callan JMB's existing preparedness and logistics mission into owning a piece of the energy supply chain itself, while also opening a new, potentially recurring cash flow stream to fund the rest of the business.

What lends this real substance rather than just being a speculative wildcat play is who's running it. Michael Reger, the person selling these assets, is joining as President of Callan Power and taking a board seat at Callan JMB. Reger isn't a newcomer to this basin — he's a third-generation Williston Basin landman and the founder of Northern Oil and Gas (NOG), who is known as the largest publicly traded non-operated upstream energy asset owner in the country. That's a meaningful credential: he's built and scaled exactly this kind of energy platform before. The assets themselves also come with a genuine data pedigree — Reger Oil's "Focus Library" is one of the largest privately held 2D seismic datasets in the Williston Basin, tracing back to exploration work from the early 1970s and consolidated fully under Reger Oil in 2015. Having decades of proprietary seismic data, now being re-confirmed with modern 3D seismic technology, is the kind of asset that reduces (though doesn't eliminate) drilling risk compared to going in blind.

On the deal mechanics: Callan Power will hold a 75% working interest in the 23-well program, with Chandler Energy, LLC operating the wells and holding the remaining 25%. In plain terms, Callan Power is the majority financial stakeholder but isn't the one physically running the drilling operations day-to-day — that's Chandler Energy's job as operator. The program is structured to drill one well per month from May 2027 through March 2029, a steady, methodical build-out rather than an all-at-once bet.

Now for the numbers, and they're the headline for a reason: the program is projected to generate approximately $252 million in cumulative net operating cash flow to Callan Power over the life of the wells, forecast to turn cash-flow positive in the very first year of drilling, climbing to about $25 million in 2028 and approximately $42 million in annual net operating cash flow by 2029, once all 23 wells are online. Those figures assume Callan Power's 75% working interest translates to roughly an 83% net revenue interest (the share of actual revenue after accounting for royalties owed to others), a flat $75-per-barrel oil price, and an estimated ultimate recovery of about 7.3 million gross barrels across the whole program.

Here's the caveat paragraph, and it matters here more than usual: these are the company's own internal projections, explicitly stated in the release as unaudited and not reviewed by an independent reserve engineer. That's a meaningfully different standard of confidence than a third-party-certified reserve report, which is the norm investors typically look for before treating production numbers as reliable. The entire cash-flow forecast also hinges on a flat $75/barrel oil price assumption — oil is a notoriously volatile commodity, and actual realized prices over a program running into 2029 could land meaningfully above or below that. Nothing has actually been drilled yet; first wells don't spud until May 2027, so this is a multi-year build-out with all the normal execution risks of drilling, well performance, and operating costs that come before any of these cash flow numbers are proven in reality rather than modeled.

Bottom line: this is a genuinely interesting diversification move with a credible operator at the helm and a real, decades-deep proprietary dataset behind it — the kind of pedigree that separates this from a typical small-cap "we're getting into oil and gas" press release. But the eye-catching $252 million and $42 million figures are unaudited, internally generated projections built on a flat oil-price assumption and a drilling program that hasn't started yet, so they should be read as the company's best-case modeling of what a well-run program could produce, not a guaranteed outcome. Investors should watch for the deal's actual purchase price, first-well spud dates starting in May 2027, and any independent reserve engineering that follows, as the real tests of whether this thesis holds up.

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Two Converging Megatrends, One Small-Cap Operator: Callan JMB Inc. (NASDAQ: CJMB)

The critical-infrastructure logistics sector is having a moment, and it's easy to see why. On one side, the cold-chain and specialty logistics business that supports hospitals, pharmaceutical manufacturers, and emergency-management agencies has become mission-critical as biologics, cell therapies, and vaccines — nearly all of which require precise temperature control from production to point of use — make up a growing share of the drug pipeline. Multiple industry researchers now put the global pharmaceutical cold-chain logistics market on a path from roughly the mid-teens in billions today to somewhere in the $40 billion-plus range by the early 2030s, driven by biologics approvals, an aging population, and stricter regulatory chain-of-custody requirements that punish even minor excursions in temperature or documentation. Companies that can offer fulfillment, specialty packaging, monitoring, and regulatory compliance under one roof — rather than stitching together multiple vendors — are increasingly the ones winning long-term contracts with health systems and government agencies that can't afford supply-chain failure.

On the other side, the U.S. electrical grid is running into a hardware problem that has nothing to do with software or policy debates: there simply aren't enough transformers, switchgear, and related equipment being built domestically to meet demand. Lead times on large power transformers have stretched toward three to four years in various trade reports, driven by a wave of grid modernization, renewable interconnection, and — the big new variable — the explosive growth in electricity demand from AI data centers and onshoring of manufacturing. That bottleneck has pulled political attention along with it; both the outgoing and current Congresses have pushed bipartisan efforts to reduce dependence on foreign-made grid equipment, and utilities are actively looking for new domestic capacity wherever they can find it. For a company already embedded in regulated, mission-critical supply chains, extending into transformer and switchgear manufacturing is a logical, if ambitious, adjacency rather than a random pivot.

That's the backdrop for Callan JMB Inc. (NASDAQ: CJMB), a small logistics and infrastructure-services company built around fulfillment, specialty packaging, warehousing, cold-chain logistics, monitoring, regulatory compliance, and emergency-preparedness work for the healthcare industry and emergency-management agencies. The company just announced the formation of Callan Power LLC, a wholly owned subsidiary intended to manufacture power transformers, pad-mounted and dry-type units, renewable-energy transformers, mobile substations, battery storage systems, power cables, and related engineering services out of a facility in Alabama. The stated logic is that the same operational discipline the company has applied to keeping temperature-sensitive medical products and emergency supplies moving reliably — monitoring, compliance, uptime — translates into keeping the grid itself reliable. If it executes, the combination gives the company exposure to two catalysts at once: continued growth in regulated healthcare and emergency-response logistics spending, and the multi-year buildout of U.S. grid capacity that utilities, data-center operators, and policymakers are all pushing simultaneously. 

Emergency Preparedness & Response

Callan JMB specializes in providing comprehensive emergency preparedness and response solutions for civilian and healthcare sectors.

Our logistics and packaging systems protect sensitive life-saving materials during crises, ensuring they stay safe and effective. Whether for vaccines, medical supplies, or critical diagnostic tools, we provide a reliable and timely response in high-stakes situations where every second counts. With Sentry’s 24/7 monitoring capabilities, we offer unmatched deployment, security and accountability to maintain the safety of your critical assets.

Specialty Packaging

Our high-performance VIP reusable thermal shippers offer a sustainable, eco-friendly solution to transporting high-value, temperature-sensitive products.

Using reusable packaging, Callan JMB reduces environmental waste and ensures the highest product integrity. Our packaging solutions are built to endure the most challenging conditions, meet or exceed your acceptance criteria not only the first shipment, but over and over until it is time for a zero waste repurposing of all of its well traveled components. and the required temperature ranges are maintained throughout the entire journey. Whether cross-country or globally, Our reusable specialty packaging ensures zero compromise on product quality and performance, zero waste, and zero risk of cross contamination thanks to our SHIP2Q sanitizing process applied during recertification.

Fulfillment Excellence

Callan JMB delivers end-to-end fulfillment services tailored to meet the unique needs of the healthcare, food, and emergency response industries.

We ensure precise handling at every supply chain step, from customized design and manufacturing to secure, temperature-controlled delivery. Our commitment to quality control and regulatory compliance ensures that products are handled, stored, and delivered according to industry standards, providing our clients peace of mind. Whether you’re outsourcing your entire fulfillment operation or need support for specific projects, we provide fully compliant and licensed facilities that ensure the highest standard of service.

Sentry - Advanced Monitoring Technology

Sentry is Callan JMB’s cutting-edge, proprietary technology platform that provides real-time monitoring of high-value, temperature-sensitive goods 24/7/365.

This comprehensive solution ensures critical medical products remain within specified conditions throughout their lifecycle – whether stored in our facilities or in transit. The monitoring technology tracks key metrics such as temperature, location, and handling, ensuring compliance with complex regulatory requirements. With Sentry, clients benefit from advanced tracking capabilities, providing full visibility and accountability for the safety and viability of their goods at every stage of the supply chain. Sentry guarantees product integrity and peace of mind, leveraging Callan JMB’s expertise to manage your fulfillment. 

Recent Developments

Callan JMB Inc. (NASDAQ: CJMB), Bia Power Systems LLC, and Alabama State University announced a joint venture to build a roughly $60 million transformer and electrical-equipment manufacturing facility in Brewton, Alabama, on ASU-owned property. The plant is intended to serve utilities, data centers, industrial operators, and renewable-energy developers, with commercial sales targeted to start within nine months of groundbreaking and full planned capacity supporting more than $150 million in annual manufacturing revenue. The release frames the project as an extension of Callan Power LLC's domestic-manufacturing strategy and part of a broader push to reshore transformer and switchgear production currently done in China, amid ongoing equipment shortages and long procurement timelines nationally.

The company lays out specific projections: first-year venture revenue of $25-40 million growing to $100-150 million by year three, a 25-35% target gross margin, 150-250 direct jobs, and more than $200 million in projected five-year regional economic impact.

Callan JMB Deepens Its Alabama Pipeline: Pharma Manufacturing Partnership Points to a Potential $400M+ Opportunity

On July 16, the company announced a strategic partnership with Alabama State University to help build out a domestic pharmaceutical manufacturing ecosystem in Marion, AL, with Callan JMB supplying the operational backbone: logistics, regulatory compliance, warehousing, facility leasing, supply chain management, and housing support for future manufacturing activity. The structure is notable — under the agreement, Callan JMB would take 21% of gross revenue generated by qualifying pharmaceutical manufacturing operations run through the partnership, positioning the company as an infrastructure landlord/operator for the ecosystem rather than a manufacturer itself.

The headline number that's turning heads: management believes that if the pharmaceutical operations supported by the initiative scale to roughly $500 million in annual gross revenue, Callan JMB's 21% cut could translate into approximately $105 million in annual revenue for the company — with the release citing a potential five-year revenue opportunity of $414 million. CEO Wayne Williams framed it as core to Callan JMB's broader thesis of owning the infrastructure behind essential industries, calling it a model that could "reshape how critical pharmaceutical products are developed, manufactured, and delivered in the United States," alongside workforce-development and research components run in partnership with ASU. 

Callan JMB Adds Another Tenant to the Atlas Complex — This Time in Equine Biologics

CJMB continues building out its Atlas Complex in Marion, Alabama, announcing a strategic support-services agreement on August 4 with Cavalry 1838 Equine Biosciences, an enterprise developing pharmaceutical-grade serum, plasma, and specialty biologic products for pharmaceutical, biotech, veterinary, and research customers. Rather than manufacturing anything itself, Callan JMB is playing its now-familiar infrastructure role: providing regulatory compliance, quality systems, logistics, warehousing, distribution, and administrative support so Cavalry 1838 can focus on science and commercialization out of the campus's dedicated Equine Center, with Kansas serving as the primary serum collection and production site.

The deal terms stand out — Callan JMB is entitled to 60% of the revenue Cavalry 1838's enterprise generates, a meaningfully larger cut than the 21% structure in the company's recent ASU pharma partnership. Management's base-case scenario contemplates the underlying business reaching $12-25 million in annual revenue within seven years, which at a 60% share would flow substantially to Callan JMB as part of what the company is positioning as a recurring, high-margin infrastructure services business. CEO Wayne Williams tied it back to the broader Atlas Complex strategy: every new organization that sets up shop there — as Cavalry 1838 is now doing — adds another recurring revenue relationship without Callan JMB taking on the underlying science or manufacturing risk itself.

As with the ASU announcement, the framing here is worth reading carefully: the $12-25 million figure is explicitly a seven-year, base-case projection tied to Cavalry 1838's business plan, not current or committed revenue, and Cavalry 1838 itself is still in the pre-commercialization phase (serum/plasma production first, higher-value biologics later). It's a smaller-dollar deal than the pharma-manufacturing partnership, but it's another data point in the same pattern — Callan JMB positioning the Atlas Complex as a shared-infrastructure hub and taking a revenue share from each tenant that locates there.

NEWS

Callan JMB’s Callan Power to Acquire Reger Oil Assets in The Williston Basin; Northern Oil and Gas Former CEO and Founder Michael Reger Named President of Callan Power and Board Member

3 days ago•

Callan JMB Inc. Regains Compliance with Nasdaq’s Minimum Bid Price Requirement

6 days ago•

Callan JMB, Bia Power Systems and Alabama State University Announce $60 Million Advanced Electrical Manufacturing Venture in Brewton, Alabama

Aug 11, 2026•

Callan JMB Continues Longstanding Emergency Preparedness Support for the City of Chicago During Lollapalooza Weekend

Aug 10, 2026•

Callan JMB Announces Formation of Callan Power to Advance Domestic Manufacturing of Critical Electrical Infrastructure

Aug 6, 2026•

Callan JMB Expands Atlas Complex, Advances Recurring Infrastructure Services Business with Cavalry 1838 Equine Biosciences

Aug 4, 2026•

Callan JMB and Alabama State University Break Ground on Atlas Complex, Launching an Unprecedented Strategic Partnership to Advance U.S. Pharmaceutical Manufacturing and Supply Chain Resilience

Jul 29, 2026•

Callan JMB and Alabama State University Announce Strategic Partnership to Advance U.S. Pharmaceutical Manufacturing and Supply Chain Resilience

Jul 16, 2026•

Callan JMB Inc. and Alabama State University Partner to Advance Workforce Development, Research, and Pharmaceutical Innovation at the Atlas Complex

Jul 8, 2026•

Callan JMB Expands Oregon Public Health Support Capabilities Through State VFC Authorization

Jun 11, 2026•

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MANAGEMENT

Wayne Williams

Chief Executive Officer, Chairman & Founder

Wayne Williams is the founder, Chief Executive Officer and President of Callan JMB Inc, as well as the Executive Director of Warehouse Asset Management (WAM). Previously, Mr. Williams was the Director of Logistics for Logistics Health Inc. (LHI) and was responsible for management and oversight of LHI’s Supply Support Technology Group, General Logistics Council for all logistical operations for LHI and the primary inventor for LHI’s Environmental Witness System. Mr. Williams is one of the nation’s leading experts on Cold Chain Management and has lectured and written several key documents describing this process. These processes are currently used within the Supply Support Technology Group at LHI, the Strategic National Stockpile Program and the Department of Defense Distribution Operations Center at US Army Medical Materiel Agency, where he developed these procedures.

Scott Bullard

Chief Operating Officer

Mr. Bullard works directly with Warehouse Asset Management (WAM) and Callan JMB. Teaming with Merck in 1994 for his first major vaccine production validation project, Mr. Bullard has over two decades of experience in operations, business development, validations, manufacturing, movement of large-scale time & temperature collections, infectious material management & relocation, regulatory compliance, and quality assurance in cGMP environments, protocol/ procedure authoring, cGMP compliance audits, and practical application of cGMP within warehouse and transportation operations.

Mr. Bullard was involved in the Emergency Response efforts for the 2001 anthrax attacks and brings valuable event response experiences to the team. He was the logistics lead for the City of Chicago Public Health Department’s H1N1 Pandemic Response, achieving the highest saturation and earliest completion of any major metropolitan area. Currently, he is the Director of Business Development for Callan JMB in Spring Branch, Texas, providing Medical Material Management & Supply Chain Solutions to Ensure Comprehensive Product Life Cycle Security via Discreet Pinpoint Distribution and Fulfillment.

David J. Croyle, M.D.

Chief Medical Officer

Before college, David Croyle entered the US Army as an enlisted soldier and served 3 1/2 years as a field medic and completed Airborne, Special Forces and Ranger school training. Dr. Croyle received his B.S. degree from Gannon University in Erie, PA in 1984. He returned to active duty where he completed his M.D. degree at the Uniformed University of the Health Sciences in Bethesda, MD in 1988. As an active duty officer, he completed his transitional internship in 1989 and diagnostic radiology residency in 1993, both at Brooke Army Medical Center in Ft. Sam Houston, TX. Dr. Croyle later completed a body and musculoskeletal imaging fellowship at the Naval Medical Center in San Diego, CA in 1996. His military experience included positions as a Radiology department chief, medical instructor for radiology residents, and as a general radiologist. Besides working on numerous quality assurance teams, he also underwent additional training in the medical effects of ionizing radiation and Combined Humanitarian Assistance Response Training.

Upon leaving the military, Dr. Croyle completed a fellowship in neuroradiology at Georgetown University in Washington, DC in 2002. Thereafter, he and his family moved to Cape Girardeau, MO where he worked as a radiologist until his retirement in 2019. Dr. Croyle has been the Medical Director for Callan JMB (Coldchain Technology Services) since its inception. He has participated in many facets of the business including the H1N1 pandemic response and more recently SARS COVID-19 pandemic response. Through experience, he has gained a knowledge of Cold Chain Management that few physicians possess.

Michael Reger

President

Michael Reger is the President of Callan Power, leading Callan JMB’s energy-development platform. Mr. Reger is the CEO of Reger Oil, currently in the process of being acquired by Callan JMB, and the founder and Chairman Emeritus of Northern Oil and Gas, Inc. (“NOG”).

During his leadership of NOG, he helped establish and expand the public, non-operated upstream business model and guided the company through significant capital formation, acquisitions, and production growth.

Reger is a multigenerational energy-industry executive with extensive experience in asset development, corporate strategy, transactions, and public-company leadership.

He holds a Bachelor of Arts in Finance and an MBA in Management from the University of St. Thomas.

Sincerely,

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