Callon Petroleum Company : Callon Petroleum Announces Public Offering of Non-Convertible Perpetual Preferred Stock

   Callon Petroleum Company : Callon Petroleum Announces Public Offering of
                  Non-Convertible Perpetual Preferred Stock

Natchez, MS (May 20, 2013) - Callon Petroleum Company (NYSE: CPE) ("Callon" or
the "Company") today announced  that it is  commencing an underwritten  public 
offering of non-convertible Series  A Cumulative Preferred Stock  (liquidation 
preference of  $50.00  per share).  The  offering is  being  made on  a  "best 
efforts" basis  pursuant to  an effective  shelf registration  statement  that 
Callon previously  filed  with the  Securities  and Exchange  Commission  (the 
"SEC"). The Company anticipates that  the Series A Cumulative Preferred  Stock 
will be listed for  trading under the  ticker symbol "CPE.A"  on the New  York 
Stock Exchange.

The Company intends  to use the  net proceeds from  the sale of  the Series  A 
Cumulative Preferred Stock to accelerate the timing of capital expenditures to
further develop and  evaluate its  properties in  the Permian  basin, and  for 
possible future acquisitions and general corporate purposes. Pending such use,
net proceeds will be  used to repay borrowings  under the Company's  revolving 
credit facility.

Janney Montgomery Scott LLC, Sterne, Agee & Leach, Inc. and MLV & Co. LLC  are 
acting as joint book-running managers  for the offering. Dougherty &  Company, 
LLC and Northland Capital Markets are acting as co-managers for the offering.

Prospective investors should  read the preliminary  prospectus supplement  and 
the shelf registration  statement for more  complete information about  Callon 
and the  offering.  Copies  of  the  preliminary  prospectus  supplement,  the 
accompanying prospectus and, when  available, the final prospectus  supplement 
will be available on the SEC's website, Alternatively, copies may
be obtained from Janney Montgomery Scott  LLC, 1717 Arch Street, 19^th  Floor, 
Philadelphia,  PA  19103,  Attention:  Pete   Reinhart  or  by  telephone   at 
215-665-6170; from Sterne, Agee & Leach, Inc.,277 Park Avenue, 24th Floor, New
York, NY 10172, Attention: Craig Jampol  or by telephone at 212-338-4708;  and 
from MLV &  Co. LLC, 1251  Avenue of the  Americas, 41st Floor,  New York,  NY 
10020, Attention: Randy Billhardt or by telephone at 212-542-5882.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy any security, nor will there be any sale of such security in  any 
jurisdiction in which such offer, sale or solicitation would be unlawful prior
to registration  or  qualification  under  the securities  laws  of  any  such 
jurisdiction. The  offering  may  be  made  only  by  means  of  a  prospectus 
supplement and related base prospectus.Callon  is engaged in the  acquisition, 
development, exploration and  operation of  oil and gas  properties in  Texas, 
Louisiana and the offshore waters of the Gulf of Mexico.

This news release  is posted on  the Company's website  at  and 
will be archived  there for  subsequent review. It  can be  accessed from  the 
"News Releases" link on the top of the homepage.

"Northland Capital Markets" is the trade name for certain capital markets  and 
investment banking services of Northland Securities, Inc., member FINRA/SIPC.

It should  be noted  that this  news release  contains projections  and  other 
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as  amended, and Section  21E of the  Securities Exchange Act  of 
1934, as amended.  These projections and  statements reflect Callon's  current 
views with respect to future  events and financial performance. No  assurances 
can be given, however, that these events will occur or that these  projections 
will be  achieved  and  actual  results could  differ  materially  from  those 
projected as a  result of  certain factors. Some  of the  factors which  could 
affect our future results  and could cause results  to differ materially  from 
those expressed in our forward-looking statements are discussed in our filings
with the SEC, including our Annual Reports on Form 10-K and Quarterly  Reports 
on  Form  10-Q,   available  on   our  website   or  the   SEC's  website   at

For further information contact
Rodger W. Smith, 1-800-451-1294


This announcement is distributed by Thomson Reuters on behalf of Thomson
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The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Callon Petroleum Company via Thomson Reuters ONE
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