8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report
November 20, 2006
(Date of earliest event reported)

Callon Petroleum Company

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization) 001-14039
(Commission File Number) 64-0844345
(I.R.S. Employer
Identification Number)

200 North Canal St.
Natchez, Mississippi 39120
(Address of principal executive offices, including zip code)

(601) 442-1601
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 5 — Corporate Governance and Management

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

     On November 20, 2006, Callon Petroleum Company issued the press release attached as Exhibit 99.1 announcing that Bobby F. (Bob) Weatherly was named to the new position of Executive Vice President and Chief Financial Officer.

     Mr. Weatherly, age 62, was not offered an employment contract but the company agreed to pay him an annual salary of $350,000 per year, effective November 16, 2006. In addition to his salary, Mr. Weatherly was awarded 45,000 shares of restricted stock, vesting 25% on each anniversary date beginning on November 16, 2007.

Section 9 — Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit Number	Title of Document
99.1	Press release dated November 20, 2006 providing information regarding Callon Petroleum Company’s appointment of a new Executive Vice President and Chief Financial Officer.

1

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Callon Petroleum Company
November 21, 2006	By:	/s/ Fred L. Callon
		Fred L. Callon
		President and Chief Executive Officer

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Exhibit Index

Exhibit Number	Title of Document
99.1	Press release dated November 20, 2006 providing information regarding Callon Petroleum Company’s appointment of a new Executive Vice President and Chief Financial Officer.

EX-99.1

EXHIBIT 99.1

For further information contact
Fred Callon 1-800-451-1294

FOR IMMEDIATE RELEASE

      Callon Petroleum Company Names Bobby F. (Bob) Weatherly
      Executive Vice President, CFO

     Natchez, MS (November 20, 2006) — Callon Petroleum Company (NYSE: CPE) announced today that Bobby F. (Bob) Weatherly, a member of the Board of Directors since the company went public 12 years ago, has been named to the new position of Executive Vice President and Chief Financial Officer. His brother, John S. Weatherly, had served as Callon’s Senior Vice President and Chief Financial Officer prior to his unexpected death in May 2005.

     “I am very pleased and excited that Bob has agreed to join our management team. He brings over 30 years of experience in corporate financial management, investment banking, fund management and public accounting,” explains Fred Callon, Chairman and CEO. “Since he has been on the Board for over a decade working closely with management in developing the company’s growth strategy, we anticipate a very smooth transition.”

     Weatherly has over 30 years of experience in corporate financial management, investment banking, investment fund management and public accounting. His prior business experience includes serving as a Senior Vice President of Brown & Root, Inc., now known as KBR, a worldwide construction company. Subsequently, he served as a Senior Vice President of Weatherford International, a worldwide energy services company. After receiving a Masters of Accountancy degree from the University of Mississippi, he worked for Arthur Andersen & Co. as an Audit Manager in its Houston, Texas, office. He is a Certified Public Accountant. Most recently, he has been a principal in a private investment banking firm, CapSource Financial, and a general partner in two private investment funds.

     Callon Petroleum Company is engaged in the exploration, development, acquisition and operation of oil and gas properties in the Gulf Coast region. The majority of Callon’s properties and operations are concentrated in the offshore waters of the Gulf of Mexico.

     It should be noted that this news release contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. Some of the factors which could affect our future results and could cause results to differ materially from those expressed in our forward-looking statements are discussed in our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, available on our website or the SEC’s website at www.sec.gov.

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