NATCHEZ, Miss., May 25, 2017 /PRNewswire/ -- Callon
Petroleum Company (NYSE: CPE) announced today that the Company's
Board of Directors has appointed Joseph
Gatto Jr. as Chief Executive Officer and L. Richard Flury as non-executive Chairman,
succeeding Fred Callon, former Chief
Executive Officer and Chairman, following his unexpected death on
May 24, 2017. Mr. Gatto will also
continue performing his current duties as the Company's President
and Chief Financial Officer. The remainder of the Company's
leadership team will continue in their present roles. No changes
are anticipated in the Company's day-to-day business
activities.
Mr. Gatto worked closely alongside Mr. Callon since 2012 as the
Company executed an aggressive growth strategy in the Permian Basin
that significantly transformed the Company. Since the beginning of
2016, Callon has completed over $1
billion in acquisitions and $2
billion in debt and equity raises, nearly tripling the
Company's acreage position and building a solid financial position
for the future. Mr. Gatto is well-known in the oil and gas industry
and highly respected by the Company's employees and investors, and
his intimate knowledge and extensive experience with the Company
makes him uniquely qualified to move the Company forward.
Mr. Gatto commented, "I am humbled by the opportunity to
continue to build upon Fred's legacy and fulfill his vision for
Callon Petroleum. I am honored to have been chosen by the Board to
continue my strong partnership with Callon's Chief Operating
Officer, Gary Newberry as together
we lead our experienced management team in the execution of our
growth initiatives that we believe will create differentiated value
for our shareholders. We are all committed to ensuring a smooth
transition and to honoring Fred's memory through a continued
commitment to our core values. We will always be profoundly
grateful for his friendship and leadership, and he will be deeply
missed by our organization as well as the oil and gas industry.
During this time, all of our thoughts are with Fred's family and we
will do everything we can to support them."
Prior to joining Callon, Mr. Gatto held various positions in the
financial advisory and energy investment banking groups of Merrill
Lynch & Co., Barclays Capital, Merrill Lynch Commodities, Inc.
and MarchWire Capital, LLC, which he founded. Mr. Gatto graduated
from Cornell University with a BS
degree and The Wharton School of the University of Pennsylvania with an MBA.
Mr. Flury has served on the Board since 2004 and currently
serves on the Company's Audit, Compensation and Strategic Planning
and Reserves Committees. Prior to his retirement, Mr. Flury spent
over 30 years with Amoco Corporation, and later, BP p.l.c., most
recently as Chief Executive, Gas and Power and Renewables. Mr.
Flury is also a director and the non-executive Chairman of Chicago
Bridge and Iron Company, N.V.
About Callon Petroleum Company
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.
This news release is posted on the Company's website at
www.callon.com and will be archived there for subsequent review
under the "News" link on the top of the homepage.
For further information contact:
Eric Williams
Manager, Investor Relations
1-800-451-1294
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/callon-petroleum-company-announces-appointment-of-joseph-gatto-jr-as-chief-executive-officer-and-l-richard-flury-as-chairman-following-unexpected-death-of-fred-callon-300464292.html
SOURCE Callon Petroleum Company