The M&A market is heating up in the oil and gas industry, as evidenced by Noble Energy Inc.'s $3.9 billion purchase of Rosetta Resources Inc. and Diamondback Energy Inc. (FANG)'s $438 million asset purchase from Cobra Oil & Gas Corp. Industry sources are convinced that those deals won't be the last to come through the pipeline, and the space is rife with speculation about which companies will be next. The Deal's Senior Writer Claire Poole believes Callon Petroleum Inc. (CPE), Concho Resources Inc. (CXO) and Jones Energy Inc. (JONE) are some of the most likely consolidators, and all of those companies have attracted interest as takeover targets as well. Callon could be a buyer in some of the active divestiture processes in West Texas. Furthermore, an activist shareholder, Lone Star Value Management, is pushing the company to seek a buyer. Industry sources have pointed to RSP Permian Inc. (RSPP), Parsley Energy Inc. (PE) and Diamondback as potential buyers. Tudor, Pickering, Holt & Co. Securities Inc. think Concho Resources could be another consolidator in West Texas, but analysts have also pegged the company as a potential target, especially in light of Noble's purchase of Rosetta. The Deal's Senior Reporter Lisa Allen has the details from New York.