Callon Petroleum (CPE) Enters Agreement with Lone Star Value Over Director Nominations

Callon Petroleum Company (NYSE: CPE) announced that it has entered into an agreement with Lone Star Value Management, LLC ("Lone Star Value"), pursuant to which the Board of Directors has agreed to nominate for re-election to the Board at the 2016 Annual Meeting Michael L. Finch, Larry D. McVay and John C. Wallace for three year terms. Mr. Wallace has indicated his intent to resign upon completion of the first two years of such three year term. Lone Star Value has agreed to vote in favor of the Company's nominees for election to the Board.

The agreement will be filed on a Form 8-K with the Securities and Exchange Commission.

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