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.