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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Np1LLTT7607WmSZAv6d3DDBtbnHKmU3W2XMP7iAUf5GydlUa5RmOqm4EK8Yw9Ull
 62zNAhAu2mb4vXhQ5lwyeQ==

<SEC-DOCUMENT>0000928022-08-000014.txt : 20080515
<SEC-HEADER>0000928022-08-000014.hdr.sgml : 20080515
<ACCEPTANCE-DATETIME>20080515075206
ACCESSION NUMBER:		0000928022-08-000014
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080515
FILED AS OF DATE:		20080515
DATE AS OF CHANGE:		20080515

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WALLACE JOHN C
		CENTRAL INDEX KEY:			0001194930

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14039
		FILM NUMBER:		08834032

	MAIL ADDRESS:	
		STREET 1:		200 NORTH CANAL STREET
		CITY:			NATCHEZ
		STATE:			MS
		ZIP:			39120
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wal571.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-05-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001194930</rptOwnerCik>
            <rptOwnerName>WALLACE JOHN C</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>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-05-15</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2008-05-15</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6250</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0.00</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The receipient transferred the shares of common stock to a Family Trust account for which he disclaims beneficial ownership interest.</footnote>
        <footnote id="F2">No value received.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By: Robert A. Mayfield as Attorney-in-fact for</signatureName>
        <signatureDate>2008-05-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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