Callon Petroleum Company : Callon Petroleum Prices $75 Million of Non-Convertible Perpetual Preferred Stock

      Callon Petroleum Company : Callon Petroleum Prices $75 Million of
                  Non-Convertible Perpetual Preferred Stock

Natchez, MS (May 22, 2013) - Callon Petroleum Company (NYSE: CPE) ("Callon" or
the "Company") today announced the pricing of an underwritten public offering
of its non-convertible  10% Series A  Cumulative Preferred Stock  (liquidation 
preference $50.00 per  share) (the  "Series A  Preferred Stock")  at a  public 
offering price of $47.50 per share. The offering consists of 1,578,948  shares 
of Series A  Preferred Stock, and  the Company estimates  that gross  proceeds 
from the  offering will  be $75  million before  underwriting commissions  and 
expenses. The  offering is  expected to  settle  and close  on May  30,  2013, 
subject to  customary closing  conditions. The  Company anticipates  that  the 
Series A Preferred Stock  will be listed for  trading under the ticker  symbol 
"CPE.A" on the New York Stock Exchange.

The Company  estimates  that  the  net proceeds  from  the  offering  will  be 
approximately $70 million, after the deduction of underwriting commissions and
expenses.

Callon intends to use the net proceeds from the sale of the Series A 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, www.sec.gov. 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; 
or 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 www.callon.com  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 
www.sec.gov.

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

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Source: Callon Petroleum Company via Thomson Reuters ONE
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