-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000928022-08-000005.txt : 20080421
<SEC-HEADER>0000928022-08-000005.hdr.sgml : 20080421
<ACCEPTANCE-DATETIME>20080421184320
ACCESSION NUMBER:		0000928022-08-000005
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080418
FILED AS OF DATE:		20080421
DATE AS OF CHANGE:		20080421

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WEATHERLY B F
		CENTRAL INDEX KEY:			0001191296

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14039
		FILM NUMBER:		08767880

	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>wea556.xml
<TEXT>
<XML>
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<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-04-18</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000928022</issuerCik>
        <issuerName>CALLON PETROLEUM CO</issuerName>
        <issuerTradingSymbol>CPE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001191296</rptOwnerCik>
            <rptOwnerName>WEATHERLY B F</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>Executive Vice President/ CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-04-18</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2008-04-18</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
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                    <footnoteId id="F1"/>
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                <transactionPricePerShare>
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            </transactionAmounts>
            <postTransactionAmounts>
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        <nonDerivativeHolding>
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        <derivativeHolding>
            <securityTitle>
                <value>2004 Performance Shares</value>
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            <conversionOrExercisePrice>
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            <exerciseDate>
                <value>2005-05-05</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <sharesOwnedFollowingTransaction>
                    <value>10000.00</value>
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                    <value>D</value>
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                    <value></value>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>2006 Restricted Shares</value>
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            <conversionOrExercisePrice>
                <value>15.93</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2007-11-16</value>
                <footnoteId id="F5"/>
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            <expirationDate>
                <value>2010-11-16</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
                    <value>33750.00</value>
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            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>33750.00</value>
                </sharesOwnedFollowingTransaction>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
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            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <exerciseDate>
                <value>1998-11-29</value>
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            <expirationDate>
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            <underlyingSecurity>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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            <conversionOrExercisePrice>
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            <exerciseDate>
                <value>1999-10-30</value>
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            <expirationDate>
                <value>2009-04-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
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                <sharesOwnedFollowingTransaction>
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            <ownershipNature>
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                <value>2004-11-08</value>
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                <value>2014-05-06</value>
            </expirationDate>
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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                <sharesOwnedFollowingTransaction>
                    <value>5000.00</value>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>13.71</value>
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            <exerciseDate>
                <value>2005-11-05</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-05-05</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5000.00</value>
                </underlyingSecurityShares>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5000.00</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Options (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.12</value>
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            <exerciseDate>
                <value>2003-11-03</value>
            </exerciseDate>
            <expirationDate>
                <value>2013-05-02</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5000.00</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5000.00</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
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        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Subject to certain restrictions, these shares will vest on 04/18/2011, the third anniversary following the award date.</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>
        <footnote id="F3">The number of shares awarded is conditioned based on the achievement of a specified performance target, based upon the price of Callon's stock, to be calculated on December 31, 2010.  If the performance target is achieved, vesting with respect to the awarded shares will occur on 04/18/2011, the third anniversary following the award date.</footnote>
        <footnote id="F4">Performance Stock awarded July 14, 2004.  These shares vest in five equal annual installments beginning on July 14, 2005.</footnote>
        <footnote id="F5">Restricted shares awarded November 16, 2006.  Vesting will occur 25% on each anniversary date beginning on November 16, 2007.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>By: Robert A. Mayfield as Attorney-in-fact for</signatureName>
        <signatureDate>2008-04-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----