As part of an agreement with Lone Star Value Management LLC, Callon Petroleum Co. (NYSE: CPE) appointed two independent directors, Matthew Regis Bob and James M. Trimble, to its board of directors, the company said March 10, noting that they take their new roles March 14.

Bob is a managing member of Dallas-based MB Exploration LLC, while Trimble is CEO and president of Denver-based PDC Energy Inc. (NasdaqGS: PDCE), the company added.

"Callon has long benefited from a strong board that comprises industry leaders who have diverse expertise relevant to Callon's strategies for growth and value creation. We look forward to additional contributions from Matt and Jim,” said Fred Callon, company CEO and president.

He continued, “We are pleased with the progress we are making as we continue to execute on the next phase of our growth strategy as a pure-play, onshore operator in the Permian Basin."

Jeffrey E. Eberwein, founder and CEO of Lone Star Value, said, "Callon has a premier asset portfolio with bright prospects for continued growth and value creation. I believe that the announced changes to Callon's board composition will reduce the valuation discount of Callon's stock and add additional expertise."

Prior to both founding MB Exploration in 1994 and later joining Callon Petroleum, Bob was chief geophysicist at Pitts Oil Co., the company said. He is a member of the American Association of Petroleum Geologists, the Society of Exploration Geophysicists and the Dallas Petroleum Club, the company added. He holds a bachelor of arts in geology from St. Louis University and a master of science in geology from Memphis University. He also completed Harvard’s executive management program, the company added.

Trimble has been CEO and president of PDC Energy since 2011, and joined its board of directors in 2009, the company said. Prior to joining Callon, he was CEO of Grand Gulf Energy Co. LLC, the company said. He had also been senior vice president, exploration and production, for Cabot Oil and Gas Corp. (NYSE: COG) for 17 years, the company said. He holds a petroleum engineering degree from Mississippi State University, the company added.

Callon Petroleum Co. explores, acquires, develops, and operates the West Texas Permian Basin’s oil and natural gas.