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
October 18, 2007
(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 1 — Registrant’s Business and Operations

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Officers; Compensatory Arrangements of Certain Officers.

     On October 18, 2007, the Board of Directors of the Company appointed Larry D. McVay as an additional member of its Board of Directors. Mr. McVay will serve as a Class I director until the 2008 Annual Meeting of Shareholders, or until his successor has been duly elected and qualified, unless he sooner resigns or is removed.

     A copy of the press release announcing the appointment of Mr. McVay is attached as Exhibit 99.1.

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 October 18, 2007 announcing the appointment of Larry D. McVay as an additional member of the Company’s Board of Directors.

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
October 18, 2007	By:	/s/ B. F. Weatherly
		B. F. Weatherly
		Executive Vice President and Chief Financial Officer

Exhibit Index

Exhibit Number	Title of Document
99.1	Press release dated October 18, 2007 announcing the appointment of Larry D. McVay to the Board of Directors.

EX-99.1

Exhibit 99.1

For further information contact
Bob Weatherly 1-800-451-1294

FOR IMMEDIATE RELEASE

Callon Petroleum Company Elects Larry D. McVay to Board of Directors

     NATCHEZ, MS (October 18, 2007) — Callon Petroleum Company (NYSE: CPE) announced today the election of Larry D. McVay to its Board of Directors.

     An engineering graduate of Texas Tech University, McVay, age 60, has led a distinguished international oil and gas career spanning 38 years with Amoco, BP and TNK-BP. He worked in various engineering, management and leadership positions with Amoco and BP both domestically and internationally until his retirement from BP at the end of 2006. Since then he has assisted BP on a consulting basis with special projects.

     In his last assignment with BP plc, McVay served as Chief Operating Officer of TNK-BP, one of the largest oil producing companies in Russia. Prior to that he served as Technology Vice President of Operations for BP based in London and led the global E&P Operations Excellence effort for improving the operating efficiency of BP’s upstream operations.

     “We are very fortunate to have someone with Larry’s extensive senior management experience and engineering expertise join our Board,” said Fred Callon, Chairman and CEO. “In particular, his background in deepwater operations will be very valuable in helping us further improve our operational efficiencies as we advance the development of our Entrada Field.”

     “I am excited to join Callon’s Board of Directors at this pivotal time in the company’s development,” said McVay. “Callon’s multi-year inventory of drilling and development projects, including its deepwater Entrada Field, provides the company with transformational growth opportunities over the next several years.”

     Callon Petroleum Company is engaged in the exploration, development, acquisition and operation of oil and gas properties primarily in the offshore waters of the Gulf of Mexico. Over 80 percent of Callon’s proved reserves are located in the deepwater region, with approximately 55 percent consisting of crude oil. Callon’s properties and operations are geographically concentrated in Louisiana, Alabama and 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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