June 1, 2017 - 8:20 AM EDT
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Blog Coverage: Changes in Top Management Announced at Callon Petroleum

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LONDON, UK / ACCESSWIRE / June 1, 2017 / Active Wall St. blog coverage looks at the headline from Natchez Mississippi based Callon Petroleum Co. (NYSE: CPE) as the Company announced that its Board of Directors had appointed Joseph Gatto, Jr. as Chief Executive Officer and L. Richard Flury as non-executive Chairman. The appointments were announced following the sudden demise of Fred Callon, the Company's former Chief Executive Officer and Chairman, on May 24, 2017. Register with us now for your free membership and blog access at:


One of Callon Petroleum's competitors within the Independent Oil & Gas space, ConocoPhillips (NYSE: COP), reported on May 02, 2017, its financial results for Q1 2017. AWS will be initiating a research report on ConocoPhillips in the coming days.

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Additionally, Joseph Gatto will also continue to perform his duties and responsibilities as President and Chief Financial Officer of the Company. The Company will continue with its regular day-to-day operations and does not anticipate any other changes in the management team.

Callon Petroleum was founded in 1950 and is an independent oil and natural gas Company which is engaged in the acquisition, development, exploration, and operation of oil and gas properties in the Permian Basin in West Texas.

About Joseph C. Gatto, Jr.

Joseph joined Callon Petroleum in April 2012 as Senior Vice President of Corporate Finance. He was later promoted as President and Chief Financial Officer before being appointed as CEO. Joseph has a long-term relationship with Callon Petroleum, and before joining the Company, he was an external advisor on financing and strategic assignments. Joseph has earlier worked with Merrill Lynch & Co. and Barclays Capital as their Managing Director. He has a Bachelor of Science degree from Cornell University and an M.B.A. from The Wharton School, University of Pennsylvania.

Joseph had worked closely with Fred Callon since he joined the Company and was instrumental in implementing an aggressive growth strategy in the Permian Basin, which helped in the transformation of the Company. Under his leadership, Callon Petroleum has made strategic acquisitions of over $1 billion and raised equity and debt of approximately $2 billion since early 2016. These strategic decisions helped Callon Petroleum to triple its acreage position and lay a solid financial foundation for future growth and stability.

Joseph's intimate knowledge about Callon Petroleum as well as his experience in the industry makes him an ideal candidate to lead the Company. Joseph is a well-respected professional in the oil and gas industry and is also well liked and respected by the Company's employees and investors.

Sharing his thought on his appointment, Joseph said:

"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."

About L. Richard Flury

Richard joined Callon Petroleum's Board as a member in 2004. He is a member of Callon Petroleum's Audit, Compensation and Strategic Planning, and Reserves Committees. He was with Amoco Corporation and later, BP PLC for more than 30 years (Amoco merged with BP in 1998). In June 1999, Richard was appointed as Chief Executive of Gas and Power and Renewables at BP and he retired from the position in December 2001. Before Amoco merged with BP, Richard held various executive positions including that of Chief Executive for Worldwide Exploration and Production and Executive Vice President of Amoco Corporation.

Richard is a veteran in the oil and gas industry and is currently on the Board of QEP Resources, a publicly traded oil and gas Company, as a non-executive member and with Chicago Bridge and Iron Company, N.V., a publicly-traded engineering, procurement and construction Company, as the Director and non-executive Chairman.

Richard holds a graduate degree from the University of Victoria, Canada.

Richard's extensive experience and involvement in the oil and gas industry will be of great benefit to Callon Petroleum.

Stock Performance

At the close of trading session on Wednesday, May 31, 2017, Callon Petroleum's stock price fell 3.66% to end the day at $11.32. A total volume of 5.95 million shares were exchanged during the session, which was above the 3-month average volume of 5.20 million shares. The stock currently has a market cap of $2.28 billion.

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SOURCE: Active Wall Street

Source: ACCESSWIRE (June 1, 2017 - 8:20 AM EDT)

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