Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
WILSON RICHARD O
   2. Issuer Name and Ticker or Trading Symbol
CALLON PETROLEUM CO [CPE] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
200 NORTH CANAL STREET		 3. Date of Earliest Transaction (Month/Day/Year)
05/07/2010
(Street)

NATCHEZ, MS 391203212		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               6,819 I IRA Account
Common Stock               132,655 I Shares Held By Ltd Partnership

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
2010 Performance shares (1) $ 4.95 05/07/2010 05/07/2010 A V 30,000   11/08/2010 05/09/2011 Common Stock 30,000 $ 0 30,000 D  
August 2009 Performance Shares (2) $ 1.71               (2)   (2) Common Stock 20,000   20,000 D  
Stock Option (Right to Buy) $ 13.56             11/10/2000 05/10/2010 Common Stock 5,000   5,000 D  
Stock Option (Right to Buy) $ 10.5             01/25/2001 07/25/2010 Common Stock 20,000   20,000 D  
Stock Option (Right to Buy) $ 11.61             11/05/2001 05/04/2011 Common Stock 5,000   5,000 D  
Stock Option (Right to Buy) $ 6.05             11/09/2002 05/08/2012 Common Stock 5,000   5,000 D  
Stock Option (Right to Buy) $ 12.4             11/08/2004 05/06/2014 Common Stock 5,000   5,000 D  
Stock Option (Right to Buy) $ 13.71             11/05/2005 05/05/2015 Common Stock 5,000   5,000 D  
Stock Option (Right to Buy) (3) $ 14.37             11/03/2007 05/03/2017 Common Stock 5,000   5,000 D  
Stock Options (Right to Buy) $ 5.12             11/03/2003 05/02/2013 Common Stock 5,000   5,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
WILSON RICHARD O
200 NORTH CANAL STREET
NATCHEZ, MS 391203212		   X      

Signatures

 By: Robert A. Mayfield as Attorney-in-fact for   05/07/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Shares are subject to vesting on May 7, 2011, one year from grant date.
(2) Shares are subject to vesting on August 7, 2010, one year from grant date.
(3) In accordance with the award document, these options become exercisable six months from the issue date and shall expire ten years from the issue date.

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