As previously disclosed in a Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on March 8, 2019, Jerry A. Weant is retiring from his role as Vice President of Land for Callon Petroleum Company (the “Company”) effective March 31, 2019 (the “Resignation Date”).

On March 13, 2019, in connection with his departure from the Company, the Company entered into a Separation Agreement with Mr. Weant. to the Separation Agreement, Mr. Weant received an annual incentive compensation bonus award for his services provided in 2018 in the amount of $222,600. In addition, the vesting schedule of Mr. Weant’s outstanding equity awards were modified to reflect the following: (i) for restricted stock units that were awarded in 2016, 2017, and 2018, such awards will vest in full as of the Resignation Date, and (ii) for the performance stock units that were awarded in 2017, such awards will vest in full at the target performance level as of the Resignation Date. All other outstanding equity awards will be forfeited as of the Resignation Date. The Company will also transfer to Mr. Weant the title to the company vehicle currently being used by Mr. Weant. The Company will also maintain COBRA continuation coverage for Mr. Weant and his family members for a period of twelve (12) months after the Resignation Date for medical, dental, and vision insurance coverage.

In exchange for the foregoing, Mr. Weant agreed to certain waivers and releases for the Company’s benefit. Mr. Weant has also agreed that for a period of one (1) year following the Resignation Date, he will not, directly or indirectly, compete or provide services to any oil and gas exploration and production company in the Permian Basin, and that for a period of one (1) year following the Resignation Date, he will not, directly or indirectly, hire, solicit, or influence any employee of the Company or its subsidiaries to leave the employment of the Company or its subsidiaries.

The foregoing description of the Separation Agreement does not purport to be complete and is subject to, and qualified, in its entirety by, the full text of the Separation Agreement, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2019.

About Callon Petroleum Company (NYSE:CPE)

Callon Petroleum Company is an independent oil and natural gas company. The Company is engaged in the exploration, development, acquisition and production of oil and natural gas properties. It focuses on unconventional, onshore, oil and natural gas reserves in the Permian Basin in West Texas and the Midland Basin. Its asset base is concentrated in the Midland Basin located within the broader Permian Basin. Its operations are focused on horizontal drilling of several prospective intervals, including multiple levels of the Wolfcamp formation. It has drilled approximately 40 gross (over 27.1 net) horizontal, while completing approximately 30 gross (over 25.8 net) horizontal and over 1 gross (approximately 0.4 net) vertical wells. It owns leaseholds over 17,670 net acres in the Permian Basin. Its Southern Midland Basin area consists of fields located in Upton, Reagan and Crockett Counties, Texas. Its Central Midland Basin area encompasses Midland, Ector, Andrews and Martin Counties.