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Filing Details

Accession Number:: 0000928022-11-000091
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2011-07-06 14:26:05
Reporting Period:: 2011-07-05

Filing Date:: 2011-07-06
Accepted Time:: 2011-07-06 14:26:05
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
928022	Callon Petroleum Co	CPE	Crude Petroleum & Natural Gas (1311)	640844345

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1399000	P Mitzi Conn	200 North Canal Street Natchez MS 391203212	Corporate Controller	No	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2011-07-05	4,903	$7.10	2,750	No	5	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	5	S	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	12,679	Indirect	401(k) Account

Reported Derivative Holdings

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Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	2009 Restricted Stock Units - Cash	$1.63			2,100	2,100	Direct
Common Stock	2009 Restricted Stock Units - Stock	$1.63			11,900	11,900	Direct
Common Stock	2010 Phantom Shares	$4.95	2010-11-08	2012-12-31	20,000	20,000	Direct
Common Stock	2010 Restricted Stock Units - Cash	$4.95	2010-11-08	2013-05-07	4,500	4,500	Direct
Common Stock	2010 Restricted Stock Units - Stock	$4.95	2010-11-08	2013-05-07	25,500	25,500	Direct
Common Stock	2011 Phantom Shares	$7.01	2012-05-12	2013-12-31	15,000	15,000	Direct
Common Stock	2011 Restricted Stock Units - Cash	$7.01	2012-05-12	2014-05-12	3,000	3,000	Direct
Common Stock	2011 Restricted Stock Units - Stock	$7.01	2012-05-12	2014-05-12	17,000	17,000	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
	2,100	2,100	Direct
	11,900	11,900	Direct
2012-12-31	20,000	20,000	Direct
2013-05-07	4,500	4,500	Direct
2013-05-07	25,500	25,500	Direct
2013-12-31	15,000	15,000	Direct
2014-05-12	3,000	3,000	Direct
2014-05-12	17,000	17,000	Direct

Footnotes

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.
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.
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.
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.
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.
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.
This Phantom Share award is subject to vesting on December 31, 2013 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.
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 on the date of vesting.
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.