Callon Petroleum Company 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. 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.'

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