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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KWTmKFWYGoUcZAJlDdVWTL3V3B1zrLGG15XcfAWb7u9Ra0QBDiLYRn+EkbOtdFLC
 aZYU2orlImZlfM1/6rI73Q==

<SEC-DOCUMENT>0000928022-04-000001.txt : 20040105
<SEC-HEADER>0000928022-04-000001.hdr.sgml : 20040105
<ACCEPTANCE-DATETIME>20040105144232
ACCESSION NUMBER:		0000928022-04-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040102
FILED AS OF DATE:		20040105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MAYFIELD  ROBERT A
		CENTRAL INDEX KEY:			0001188196

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14039
		FILM NUMBER:		04503971

	MAIL ADDRESS:	
		STREET 1:		200 NORTH 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>may198.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
	<periodOfReport>2004-01-02</periodOfReport>
	<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000928022</issuerCik>
        <issuerName>CALLON PETROLEUM CO</issuerName>
        <issuerTradingSymbol>CPE</issuerTradingSymbol>
	</issuer>
	<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001188196</rptOwnerCik>
            <rptOwnerName>MAYFIELD  ROBERT A</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>0</isDirector>
			<isOfficer>1</isOfficer>
			<isTenPercentOwner>0</isTenPercentOwner>
			<isOther>0</isOther>
			<officerTitle>Corporate Secretary</officerTitle>
		</reportingOwnerRelationship>
	</reportingOwner>
	<nonDerivativeTable>
		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2004-01-02</value>
			</transactionDate>
			<deemedExecutionDate>
				<value>2004-01-02</value>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>5</transactionFormType>
				<transactionCode>A</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>1000</value>
					<footnoteId id="F1"/>
				</transactionShares>
				<transactionPricePerShare>
					<value>2.84</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>A</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>16392.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
		<nonDerivativeHolding>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>6805.00</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>9000.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>9000.00</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>7000.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>7000.00</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>17500.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>17500.00</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>4800.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>4800.00</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>3250.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>3250.00</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>16000.00</value>
				</underlyingSecurityShares>
			</underlyingSecurity>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>16000.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</derivativeHolding>
	</derivativeTable>
	<footnotes>
		<footnote id="F1">Shares acquired through Employee Stock Purchase Plan</footnote>
		<footnote id="F2">The number of shares reported is calculated by dividing the total market value of the reporting person's account balance within the Callon Petroleum Company Employee Savings and Protection Plan (401(k) Plan) on the day prior to this Form 4 reporting date by the closing market price per share on that day.</footnote>
	</footnotes>
	<remarks>
	</remarks>
	<ownerSignature>
		<signatureName>/s/ MAYFIELD, ROBERT A.</signatureName>
		<signatureDate>2004-01-05</signatureDate>
	</ownerSignature>
</ownershipDocument>

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