Fred L Callon _ Source Callon Petroleum Co

Callon Petroleum Co. (NYSE: CPE) announced May 25 that CEO and Chairman Fred L. Callon, 67, died suddenly and unexpectedly Wednesday.

Joe Gatto, president and CFO, commented: "It is with great sorrow that we announce the untimely passing of our dear friend and esteemed CEO. Fred was, and always will be, the symbol of Callon's core values and dedication to our employees and partners. On behalf of our board of directors, management team and employees, we extend our deepest sympathies to Fred's family."

UPDATE: Callon Petroleum Names Joseph Gatto As CEO Following Fred Callon's Death

Fred Callon had been employed by the company or its predecessors since 1976. He is the son of the late Sim C. Callon, one of the company’s co-founders, and the nephew of the late John S. Callon, the other co-founder.

He served as the company's president and CEO since 1997 and board chairman since 2004. Prior to 1997, he was president and COO of Callon Petroleum—positions he had held with the company or its predecessors since 1984.

Fred Callon was involved in the oil and gas industry most of his life and developed a wide network of personal and business relationships within the industry, according to the company's website.

Gatto added that Callon Petroleum's board will meet May 25 to discuss the company's plan for succession that will ensure the continuity of its strategic direction and operations.

Callon Petroleum 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. The company holds more than 56,000 net acres in the Midland and Delaware basins, according to an April company presentation.