Lone Star Value Management Reaches Agreement with Callon Petroleum for the Addition of Two Independent Directors to the Board

On March 9, 2014, Olshan activist client, Lone Star Value Management, reached an agreement with Callon Petroleum for the addition of two independent directors to Callon Petroleum’s Board. Callon Petroleum further agreed to nominate and solicit proxies for the new directors at the company’s 2014 annual meeting. Pursuant to the settlement agreement, Callon Petroleum has committed to appoint both new members of the Board to its Strategic Planning Committee and one each on the Nominating and Corporate Governance and Compensation Committees. Steve Wolosky and Ryan Nebel represent Lone Star Value Management in connection with its activist campaign and settlement negotiations with Callon Petroleum.