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

March 31, 2010

(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))

Section 8 — Other Events

Item 8.01.  Other Events.

Callon Petroleum Company announced on March 31, 2010 that it intends to redeem all $16,052,000 of its remaining 9.75% Senior Notes due 2010. The redemption will be made in accordance with the terms of the indenture governing the Senior Notes and the terms of the notice of redemption.  The Company expects to redeem the Senior Notes on April 30, 2010 at a redemption price of 101% of their principal amount, plus accrued and unpaid interest to the redemption date.  A copy of the press release dated March 31, 2010 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Section 9 — Financial Statements and Exhibits

Item 9.01  Financial Statements and Exhibits.

(d)  Exhibits.

Exhibit Number	Title of Document
99.1	Press release dated March 31, 2010 announcing the Company’s intent to redeem all of the remaining 9.75% Senior Notes due 2010 on April 30, 2010 at a redemption price of 101% of their principal amount, plus accrued and unpaid interest to the redemption date.

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
April 1, 2010	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 March 31, 2010 announcing the Company’s intent to redeem all of the remaining 9.75% Senior Notes due 2010 on April 30, 2010 at a redemption price of 101% of their principal amount, plus accrued and unpaid interest to the redemption date.

EX-99.1

EXHIBIT 99.1

For further information contact

Rodger W. Smith, 1-800-451-1294

FOR IMMEDIATE RELEASE

Callon Petroleum Company Announces Redemption

Of All Remaining 9.75% Senior Notes Due 2010

Natchez, MS (March 31, 2010) -- Callon Petroleum Company (NYSE: CPE) today announced that it intends to redeem $16,052,000 of its 9.75% Notes due 2010 (the “Notes”), representing all remaining Notes outstanding after the completion of the previously announced exchange offer. The redemption will be made in accordance with the terms of the indenture governing the Notes and the terms of the notice of redemption.

Callon expects to redeem the Notes on April 30, 2010 (the “Redemption Date”) at a redemption price of 101.0% of their principal amount, plus accrued and unpaid interest to the Redemption Date.

A notice of redemption is being mailed to all registered holders of the Notes. Copies of the notice of redemption may be obtained from American Stock & Transfer Company, LLC by calling 1-877-248-6417.

This announcement is for informational purposes only, and is not an offer to purchase or sell, or a solicitation of an offer to purchase or sell, with respect to any securities.

Callon Petroleum Company is engaged in the acquisition, development, exploration and operation of oil and gas properties in Louisiana, Texas, 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 Report s on Form 10-K, available on our website or the SEC’s website at www.sec.gov.