Callon Petroleum Company (NYSE:CPE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May24, 2017, Chief Executive Officer and Chairman of the Board
of Directors (the Board) of Callon Petroleum Company (the
Company), Fred L. Callon died unexpectedly. Mr.Callon worked with
the Company or its predecessors since 1984 and served as the
Companys Chairman and Chief Executive Officer until his death.
On May25, 2017, the Companys Board appointed Joseph C. Gatto,
Jr., as the Companys Chief Executive Officer, succeeding
Mr.Callon in such role, effective immediately. Mr.Gatto is also
the Companys President and Chief Financial Officer.
Mr.Gatto, age 46, joined the Company in April 2012 as Senior Vice
President, Corporate Finance, with responsibility for our capital
markets and strategic planning functions, in addition to investor
relations activities. Effective March31, 2014, the Board
appointed Mr.Gatto as Senior Vice President, CFO and Treasurer,
and in August 2016 he was promoted to President, while retaining
the roles of CFO. Prior to joining Callon, Mr.Gatto was a
Managing Director in the energy investment banking groups of
Merrill Lynch Co. and Barclays Capital from July 1997 until
February 2009, with involvement in all phases of MA and capital
raising transactions for his clients. In February 2009, he
founded MarchWire Capital, LLC, a financial advisory and
strategic consulting firm, and subsequently served as Head of
Structuring and Execution with Merrill Lynch Commodities, Inc.
from January 2010 until November 2011. Mr.Gatto graduated from
Cornell University with a BS degree in 1992 and The Wharton
School of the University of Pennsylvania with an MBA in 1997.
At the time of the filing of this Current Report on Form 8-K, the
Board and its Compensation Committee had not made any
determination regarding changes in compensation or other
employment arrangements in connection with Mr.Gattos promotion.
Additionally, the Board has elected L. Richard Flury as
non-executive Chairman of the Board as of May25, 2017. Mr.Flury
has served on the Board since 2004 and currently serves on the
Companys Audit, Compensation and Strategic Planning and Reserves
Committees.
| Item7.01 | Regulation FD |
On May25, 2017, the Company issued a press release announcing the
death of its Chairman and Chief Executive Officer Fred L. Callon,
a copy of which is furnished as Exhibit 99.1 hereto to Item7.01
of Form 8-K. On May25, 2017, the Company also issued a press
release announcing the appointment of Mr.Gatto as the Companys
Chief Executive Officer and Mr.Flury as Chairman of the Board, a
copy of which is furnished as Exhibit 99.2 hereto to Item7.01 of
Form 8-K. The information contained in this Item7.01 and in the
press releases attached as Exhibits 99.1 and 99.2 are being
furnished to Item7.01 Regulation FD Disclosure, and are not filed
for purposes of Section18 of the Securities Exchange Act of 1934,
as amended (the Exchange Act) or incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific
reference in such filing.
| Item9.01 | Financial Statements and Exhibits |
(d)Exhibits
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ExhibitNumber |
Title of Document |
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| 99.1 | Press release dated May 25, 2017. | |
| 99.2 | Press release dated May 25, 2017. |
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. Callon Petroleum Company (NYSE:CPE) Recent Trading Information
Callon Petroleum Company (NYSE:CPE) closed its last trading session down -0.06 at 12.01 with 8,995,116 shares trading hands.