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)
07/14/2006
(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 07/14/2006 07/14/2006 M V 5,000 (1) A $ 17.61 60,884 I Shares Held By Ltd Partnership
Common Stock               6,819 I Trust Account

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
2004 Performance Shares $ 13.71 07/14/2006 07/14/2006 M V   5,000 05/05/2005(1) 07/14/2014 Common Stock 5,000 $ 17.61 15,000 D  
Stock Option (Right to Buy) $ 12             02/23/1997 08/23/2006 Common Stock 20,000   20,000 D  
Stock Option (Right to Buy) $ 15.31             12/20/1997 06/20/2007 Common Stock 5,000   5,000 D  
Stock Option (Right to Buy) $ 9.47             11/29/1998 05/29/2008 Common Stock 5,000   5,000 D  
Stock Option (Right to Buy) $ 10.97             10/30/1999 04/23/2009 Common Stock 5,000   5,000 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 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   07/17/2006
**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) Performance Stock awarded July 14, 2004. These shares vest in five equal annual installments beginning on July 14, 2005.

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