This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Callon Petroleum Announces Agreement With Lone Star Value And Appointment Of Two New Independent Directors

NATCHEZ, Miss., March 10, 2014 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today announced that it has reached an agreement with Lone Star Value Management, LLC ("Lone Star Value").  Pursuant to the agreement, Callon has agreed to expand the size of the Company's Board of Directors (the "Board") from six to eight directors and to designate two new independent directors – Matthew Regis Bob, Managing Member of MB Exploration, and James M. Trimble, Chief Executive Officer and President of PDC Energy – to fill the newly-created directorships, effective March 14, 2014.  Messrs. Bob and Trimble are expected to bring valuable additional experience in the oil and gas industry, having served as executive leaders at other independent energy companies with onshore assets.

The Company also announced its slate of director nominees who will stand for election to the Board at the Company's 2014 Annual Meeting of Shareholders.  The slate is comprised of incumbent director Anthony J. Nocchiero, who has served on Callon's Board since 2011 and is Chairman of the Nominating & Corporate Governance Committee, as well as Messrs. Bob and Trimble.  Currently all independent directors serve on all Board committees.

Fred Callon, 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 Matt and Jim.  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."

"Callon has a premier asset portfolio with bright prospects for continued growth and value creation.  I believe that the announced changes to Callon's board composition will reduce the valuation discount of Callon's stock and add additional expertise," said Jeffrey E. Eberwein, founder and Chief Executive Officer of Lone Star Value.

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.70 -0.60%
FB $101.91 0.90%
GOOG $681.92 -0.32%
TSLA $150.47 4.73%
YHOO $26.75 -1.30%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs