-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 +4XYs/MG7G9zXrrQEC1UnQ==

<SEC-DOCUMENT>0000928022-10-000020.txt : 20100511
<SEC-HEADER>0000928022-10-000020.hdr.sgml : 20100511
<ACCEPTANCE-DATETIME>20100511154454
ACCESSION NUMBER:		0000928022-10-000020
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100507
FILED AS OF DATE:		20100511
DATE AS OF CHANGE:		20100511

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:		10820911

	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>wea728.xml
<TEXT>
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    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-05-07</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
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            <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>
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        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Executive Vice President/ CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
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                <value>Common Stock</value>
            </securityTitle>
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                    <value>15000.00</value>
                </sharesOwnedFollowingTransaction>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
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                <sharesOwnedFollowingTransaction>
                    <value>33087.00</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>401(k) Account</value>
                    <footnoteId id="F1"/>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
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                <natureOfOwnership>
                    <value>Jt. Ten. with Spouse</value>
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        </nonDerivativeHolding>
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    <derivativeTable>
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                <footnoteId id="F2"/>
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            <conversionOrExercisePrice>
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            <transactionDate>
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                <transactionAcquiredDisposedCode>
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            <exerciseDate>
                <value>2010-11-08</value>
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            <expirationDate>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>2010 Restricted Stock Units - cash</value>
                <footnoteId id="F3"/>
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                <value>4.95</value>
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            <transactionDate>
                <value>2010-05-07</value>
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            <deemedExecutionDate>
                <value>2010-05-07</value>
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                <transactionFormType>5</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>15000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
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                <transactionAcquiredDisposedCode>
                    <value>A</value>
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            <exerciseDate>
                <value>2010-11-08</value>
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            <expirationDate>
                <value>2013-05-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15000.00</value>
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            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15000.00</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>2010 Restricted Stock Units - shares</value>
                <footnoteId id="F4"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.95</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-05-07</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2010-05-07</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>85000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2010-11-08</value>
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            <expirationDate>
                <value>2013-05-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>85000.00</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>85000.00</value>
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        </derivativeTransaction>
        <derivativeHolding>
            <securityTitle>
                <value>2006 Restricted Shares</value>
            </securityTitle>
            <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>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
                    <value>11250.00</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11250.00</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>2008 Performance Stock Award</value>
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            <conversionOrExercisePrice>
                <value>0.00</value>
                <footnoteId id="F6"/>
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            <exerciseDate>
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            <underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
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        <derivativeHolding>
            <securityTitle>
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                <footnoteId id="F7"/>
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            <conversionOrExercisePrice>
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            <underlyingSecurity>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
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                <footnoteId id="F8"/>
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            <conversionOrExercisePrice>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
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        </derivativeHolding>
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            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
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            <conversionOrExercisePrice>
                <value>10.50</value>
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            <exerciseDate>
                <value>2001-01-25</value>
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            <expirationDate>
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            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                <underlyingSecurityShares>
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            <ownershipNature>
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                </natureOfOwnership>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
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            <conversionOrExercisePrice>
                <value>6.05</value>
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            <exerciseDate>
                <value>2002-11-09</value>
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            <expirationDate>
                <value>2012-05-08</value>
            </expirationDate>
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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
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                    <value>5000.00</value>
                </underlyingSecurityShares>
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                <sharesOwnedFollowingTransaction>
                    <value>5000.00</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
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        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Options (Right to Buy)</value>
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            <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>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5000.00</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
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        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">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="F2">This Phantom Share award is subject to vesting on December 31, 2012 and is payable in cash rather than stock.  In addition, the award is subject to a variable percentage payout based on a performance criteria related to the Total Shareholder Return of the Company compared to a group of peer companies.  Therefore this award can range from 0% to as much as 150% of its original value at the vesting date.</footnote>
        <footnote id="F3">Restricted Stock Units will vest on the third anniversary date following the grant date.  Payment will be made in cash based on the average of the opening and closing market price of the underlying common stock of the issuer on the date of vesting.</footnote>
        <footnote id="F4">Restricted Stock Units will vest on the third anniversary date following the grant date.  Payment will be made in shares of common stock of the issuer based on the average of the opening and closing market price of the underlying common stock on the date of vesting.</footnote>
        <footnote id="F5">Restricted shares awarded November 16, 2006.  Vesting will occur 25% on each anniversary date beginning on November 16, 2007.</footnote>
        <footnote id="F6">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="F7">Restricted Stock Units will vest 100% on the third anniversary date following the grant date.  Payment will be made in cash based on the average of the opening and closing market price of the underlying common stock of the issuer on the date of vesting.</footnote>
        <footnote id="F8">Restricted Stock Units will vest 100% on the third anniversary date following the grant date.  Payment will be made in shares of common stock of the issuer based on the average of the opening and closing market price of the underlying common stock on the date of vesting.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>By: Robert A. Mayfield as Attorney-in-fact for</signatureName>
        <signatureDate>2010-05-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
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