NATCHEZ,
Miss., March 23, 2015
/PRNewswire/ -- Callon Petroleum Company (NYSE: CPE)
("Callon" or the "Company") today announced that it has entered
into an agreement with Lone Star Value Management, LLC ("Lone Star
Value"), pursuant to which Callon has agreed to expand the size of
the Company's Board of Directors (the "Board") from seven to eight
directors and to designate one new independent director –
Michael L. Finch – to fill the
newly-created directorship, effective the day prior to Callon's
2015 annual meeting of stockholders. Mr. Finch will also be
nominated by the Company for re-election to the Board, at the
Company's 2015 annual meeting of stockholders, as a Class I
director (whose term expires at the 2016 annual meeting of
stockholders).
Fred Callon, Callon's Chairman
and CEO, said, "Callon has long benefited from a strong Board that
comprises industry leaders who have diverse expertise relevant to
Callon's strategies for growth and value creation. We look
forward to additional contributions from Mike. We are pleased
with the progress we are making as we continue to execute on the
next phase of our growth strategy as a pure-play, onshore operator
in the Permian Basin."
"We appreciate Callon's openness to adding fresh insight on the
Board," said Jeffrey E. Eberwein,
founder and Chief Executive Officer of Lone Star Value.
"Mike's expertise in finance, audit, and oil and gas will be a
strong complement to Callon's Board. We look forward to continuing
to work constructively with Callon and the Board to help enhance
value for all stockholders."
Pursuant to its agreement with Callon, Lone Star Value has
agreed to certain customary standstill and voting provisions. The
agreement will be filed on a Form 8-K with the Securities and
Exchange Commission.
About Michael L.
Finch
Michael L. Finch
served as Chief Financial Officer and a member of the Board of
Directors of Stone Energy Corporation from 1993 until his
retirement in 1999. He was affiliated with Stone in a variety of
capacities for nineteen years. Prior to his service with Stone, he
was employed by an international public accounting firm in
New Orleans, Louisiana. Mr. Finch
also has served as a director and Audit Committee Chairman of
PetroQuest Energy, Inc. since November
2003. Mr. Finch has been a private investor since 1999. He
was licensed as a Certified Public Accountant in 1978, and received
a Bachelor of Science in Accounting from the University of South Alabama in 1976.
About Callon Petroleum
Callon is an independent energy
company focused on the acquisition, development, exploration, and
operation of oil and gas properties in the Permian Basin in
West Texas.
This news release is posted on the Company's website at
www.callon.com and will be archived there for subsequent review. It
can be accessed from the "News Releases" link on the top of the
homepage.
Cautionary Statement Regarding Forward Looking
Statements
This news release contains "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. All
statements, other than historical facts, that address activities
(including about the Pending Acquisition) that the Company assumes,
plans, expects, believes, intends or anticipates (and other similar
expressions) will, should or may occur in the future are
forward-looking statements. The forward-looking statements
are based on management's current beliefs, based on currently
available information, as to the outcome and timing of future
events. These forward-looking statements involve certain risks and
uncertainties that could cause the results to differ materially
from those expected by the Company's management. Information
concerning these risks and other factors can be found in the
Company's filings with the Securities and Exchange Commission,
including its Annual Reports on Form 10-K, available on the
Company's website or the SEC's website at www.sec.gov.
For further information contact:
Joe Gatto
Callon Petroleum, Senior Vice President and Treasurer
800-451-1294
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SOURCE Callon Petroleum Company