Callon Petroleum Co. (NYSE: CPE) has entered into an agreement with Lone Star Value Management LLC, pursuant to which Callon has agreed to expand the size of the company's board of directors 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.
Finch will also be nominated for reelection 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).
Finch served as CFO and a member of the board of directors of Stone Energy Corp. from 1993 until his retirement in 1999. He was affiliated with Stone in a variety of capacities for 19 years. Prior to his service with Stone, he was employed by an international public accounting firm in New Orleans, Louisiana. Finch also has served as a director and Audit Committee chairman of PetroQuest Energy Inc. since November 2003. Finch has been a private investor since 1999. He received a Bachelor of Science degree in accounting from the University of South Alabama, and became a certified public accountant in 1978.
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.