X0303 4 2009-04-17 0 0000928022 CALLON PETROLEUM CO CPE 0001191296 WEATHERLY B F 200 NORTH CANAL STREET NATCHEZ MS 391203212 1 1 0 0 Executive Vice President/ CFO Common Stock 2009-04-17 2009-04-17 5 J 0 15676 1.93 A 17962.00 I 401(k) Account Common Stock 15000.00 D Common Stock 2288.00 I IRA Account Common Stock 41053.00 I Jt. Ten. with Spouse 2004 Performance Shares 13.82 2005-05-05 2014-07-14 Common Stock 5000.00 5000.00 D 2006 Restricted Shares 15.93 2007-11-16 2010-11-16 Common Stock 22500.00 22500.00 D 2008 Performance Stock Award 0.00 Common Stock 15000.00 15000.00 D Stock Option (Right to Buy) 10.50 2001-01-25 2010-07-25 Common Stock 15000.00 15000.00 D Stock Option (Right to Buy) 6.05 2002-11-09 2012-05-08 Common Stock 5000.00 5000.00 D Stock Options (Right to Buy) 5.12 2003-11-03 2013-05-02 Common Stock 5000.00 5000.00 D The shares were acquired as a result of the reporting person's election to invest in the common stock by liquidating other 401K investments previously owned. Performance Stock awarded July 14, 2004. These shares vest in five equal annual installments beginning on July 14, 2005. Restricted shares awarded November 16, 2006. Vesting will occur 25% on each anniversary date beginning on November 16, 2007. The number of shares awarded is conditioned based on the achievement of a specified performance target, based upon the price of Callon's stock, to be calculated on December 31, 2010. If the performance target is achieved, vesting with respect to the awarded shares will occur on 04/18/2011, the third anniversary following the award date. By: Robert A. Mayfield as Attorney-in-fact for 2009-04-20