-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 DUWEXz+UIS/uhGU11S7hFV1vD5NDHtZxok5cHF7NB+82lyYCAYMmu3AWHM+r0UDs
 WaXl7DIEx2X8C/OQaFYGCg==

<SEC-DOCUMENT>0000928022-03-000027.txt : 20031118
<SEC-HEADER>0000928022-03-000027.hdr.sgml : 20031118
<ACCEPTANCE-DATETIME>20031118140605
ACCESSION NUMBER:		0000928022-03-000027
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031117
FILED AS OF DATE:		20031118

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CHRISTIAN DENNIS W
		CENTRAL INDEX KEY:			0001191299

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14039
		FILM NUMBER:		031010150

	MAIL ADDRESS:	
		STREET 1:		200 N CANAL ST
		CITY:			NATCHEZ
		STATE:			MS
		ZIP:			39120

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALLON PETROLEUM CO
		CENTRAL INDEX KEY:			0000928022
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				640844345
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		200 N CANAL ST
		CITY:			NATCHEZ
		STATE:			MS
		ZIP:			39120
		BUSINESS PHONE:		6014421601

	MAIL ADDRESS:	
		STREET 1:		200 N CANAL ST
		CITY:			NATCHEZ
		STATE:			MS
		ZIP:			39120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALLON PETROLEUM HOLDING CO
		DATE OF NAME CHANGE:	19940805
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>chr187.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
	<periodOfReport>2003-11-17</periodOfReport>
	<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000928022</issuerCik>
        <issuerName>CALLON PETROLEUM CO</issuerName>
        <issuerTradingSymbol>CPE</issuerTradingSymbol>
	</issuer>
	<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001191299</rptOwnerCik>
            <rptOwnerName>CHRISTIAN DENNIS W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>200 NORTH CANAL STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NATCHEZ</rptOwnerCity>
            <rptOwnerState>MS</rptOwnerState>
            <rptOwnerZipCode>391203212</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
			<isDirector>1</isDirector>
			<isOfficer>1</isOfficer>
			<isTenPercentOwner>0</isTenPercentOwner>
			<isOther>0</isOther>
			<officerTitle>Sr VP, COO</officerTitle>
		</reportingOwnerRelationship>
	</reportingOwner>
	<nonDerivativeTable>
		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2003-11-17</value>
			</transactionDate>
			<deemedExecutionDate>
				<value>2003-11-17</value>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>5</transactionFormType>
				<transactionCode>F</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>6852</value>
					<footnoteId id="F1"/>
				</transactionShares>
				<transactionPricePerShare>
					<value>7.97</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>63486.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
		<nonDerivativeHolding>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>8762.00</value>
					<footnoteId id="F2"/>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>I</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value>By 401(k)</value>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeHolding>
	</nonDerivativeTable>
	<derivativeTable>
		<derivativeHolding>
			<securityTitle>
				<value>Stock Option (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>10.00</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>1995-01-14</value>
			</exerciseDate>
			<expirationDate>
				<value>2004-07-14</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>60000.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>60000.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Stock Option (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>9.00</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>1999-09-05</value>
			</exerciseDate>
			<expirationDate>
				<value>2009-03-05</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>35000.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>35000.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Stock Option (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>9.47</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>1999-02-20</value>
			</exerciseDate>
			<expirationDate>
				<value>2008-08-20</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>55000.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>55000.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Stock Option (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>10.50</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>2000-09-23</value>
			</exerciseDate>
			<expirationDate>
				<value>2010-03-23</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>65000.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>65000.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Stock Option (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>4.50</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>2003-01-13</value>
			</exerciseDate>
			<expirationDate>
				<value>2012-07-12</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>17250.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>17250.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Stock Option (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>3.70</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>2003-02-24</value>
			</exerciseDate>
			<expirationDate>
				<value>2012-08-23</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>11600.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>11600.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
		<derivativeHolding>
			<securityTitle>
				<value>Stock Option (Right to Buy)</value>
			</securityTitle>
			<conversionOrExercisePrice>
				<value>12.00</value>
			</conversionOrExercisePrice>
			<exerciseDate>
				<value>1997-02-23</value>
			</exerciseDate>
			<expirationDate>
				<value>2006-08-23</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>70000.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>70000.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
	</derivativeTable>
	<footnotes>
		<footnote id="F1">Represents disposition of shares previously reported and subject to certain vesting provisions.  Issuer withheld shares to satisfy federal and state withholding tax liability associated with fair market value of securities vested.</footnote>
		<footnote id="F2">The ending number of shares represents the reporting person's account value divided by the closing quoted price on the NYSE on the date of this report.</footnote>
	</footnotes>
	<remarks>
	</remarks>
	<ownerSignature>
		<signatureName>By: Robert A. Mayfield as Attornet-in-fact for</signatureName>
		<signatureDate>2003-11-18</signatureDate>
	</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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