Callon Petroleum Co. (NYSE: CPE) has reached an agreement with Lone Star Value Management LLC. Pursuant to the agreement, Callon has agreed to expand the size of the company's board of directors from six to eight directors and to designate two new independent directors – Matthew Regis Bob, managing member of MB Exploration, and James M. Trimble, CEO and president of PDC Energy – to fill the newly created directorships, effective March 14.
Callon 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 comprises incumbent director Anthony J. Nocchiero, who has served on Callon's board since 2011 and is chairman of the Nominating and Corporate Governance Committee, along with Bob and Trimble. Currently, all independent directors serve on all board committees.
The company also said that Bobby F. Weatherly, CFO and executive vice president, has informed the board of his decision not to stand for reelection at this year's Annual Meeting.
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.