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

December 14, 2007

(Date of earliest event reported)

Callon Petroleum Company

(Exact name of registrant as specified in its charter)

Delaware	001-14039	64-0844345
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(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))

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Section 7.  Regulation FD

Item 7.01  Regulation FD Disclosure

A copy of the press release providing an update on certain deepwater operations activities is attached as Exhibit 99.1 to this Form 8-K.  This press release shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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 December 14, 2007 providing an update on certain deepwater operations activities.  (furnished pursuant to Item 7.01)

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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
December 14, 2007	By:	/s/ B.F. Weatherly
		B.F. Weatherly
		Executive Vice President and Chief Financial Officer

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Exhibit Index

Exhibit Number	Title of Document
99.1	Press release dated December 14, 2007 providing an update on certain deepwater operations activities.  (furnished pursuant to Item 7.01)

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EX-99.1

Exhibit 99.1

For further information contact

Bob Weatherly, CFO 1-800-451-1294

FOR IMMEDIATE RELEASE

Callon Petroleum Company Provides Deepwater Operations Update

Natchez, MS (December 14, 2007) -- Callon Petroleum Company (NYSE: CPE) today issued an update on its recent deepwater operations in the Gulf of Mexico.

Mississippi Canyon Block 860 -- An exploratory well testing the Bob North Prospect on Mississippi Canyon Block 860 encountered non-commercial hydrocarbon shows and is being plugged and abandoned.   The company had a 3.3% working interest in the well.  Drilling costs net to Callon are estimated to be $4.5 million.

Mississippi Canyon Blocks 538 / 582 (Medusa Field) -- Workovers on four of the field wells have been completed, resulting in an increase in field production of 2,400 barrels of oil (Bbls) per day. Medusa is now producing 14,300 Bbls and 13.7 million cubic feet of natural gas (MMcf) per day. A development well is scheduled to spud in early 2008 which will target an undrained fault block.  Anticipated production from this development well is estimated to be approximately 8,000 Bbls per day.  Callon owns a 15% working interest in the Medusa Field.

Garden Banks Block 341 (Habanero Field)– As a result of the recent sidetrack of the #1 well, production from that well is now 4,100 Bbls and 5.6 MMcf per day. Total field production is 7,500 Bbls and 10.6 MMcf per day. The company owns an 11.25% working interest in the #2 well and a 25% working interest in the #1 well.

Callon Petroleum Company is engaged in the acquisition, exploration, development and operation of oil and gas properties primarily offshore in the Gulf of Mexico. Over 80% of Callon’s oil and gas reserves are located in the deepwater Gulf of Mexico with approximately 55% consisting of crude oil.

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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