– USA, MS – Callon Petroleum Company (NYSE: CPE) 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.
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