X0201 4 2004-01-02 0 0000928022 CALLON PETROLEUM CO CPE 0001191301 SCHWAGER THOMAS E 200 NORTH CANAL STREET NATCHEZ MS 391203212 0 1 0 0 Vice-President Common Stock 2004-01-02 2004-01-02 5 A 0 1000 2.84 A 14135.00 D Common Stock 88.00 I By 401(k) Stock Option (Right to Buy) 10.00 1995-01-14 2004-07-14 Common Stock 20000.00 20000.00 D Stock Option (Right to Buy) 9.00 1999-09-05 2009-03-05 Common Stock 20000.00 20000.00 D Stock Option (Right to Buy) 10.50 2000-09-23 2010-03-23 Common Stock 37000.00 37000.00 D Stock Option (Right to Buy) 4.50 2003-01-13 2012-07-12 Common Stock 10000.00 10000.00 D Stock Option (Right to Buy) 3.70 2003-02-24 2012-08-23 Common Stock 6725.00 6725.00 D Stock Option (Right to Buy) 12.00 1997-02-23 2006-08-23 Common Stock 22000.00 22000.00 D Shares acquired through Employee Stock Purchase Plan 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. /s/ SCHWAGER, THOMAS E. 2004-01-05