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
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

CALLON FRED L 		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
__ X __ Officer (give title below)      _____ Other (specify below)
Chariman and CEO
(Last)          (First)          (Middle)

200 N CANAL ST 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/11/2017
(Street)

NATCHEZ, MS 39120
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   5/14/2017   5/14/2017   M    56052   A $0   493772   D    
Common Stock   5/14/2017   5/14/2017   F    26317   D $12.45   467455   D    
Common Stock   5/14/2017   5/14/2017   M    9892   A   (1) 477347   D    
Common Stock   5/14/2017   5/14/2017   D    9892   D $12.45   467455   D    
Common Stock                  54043   (2) (3) I   401(k) Account  
Common Stock                  24904   (2) I   By Spouse  
Common Stock                  25215   (2) I   As Custodian for Child  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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
2014 RSU - Stock   (4) $0   5/14/2017     M         56052    5/14/2017   5/14/2017   Common Stock   56052   $0   0   D    
2014 Phantom Units   (4)   (1) 5/14/2017     M         9892    5/14/2017   5/14/2017   Common Stock   9892     (1) 0   D    
2017 RSU - Stock   (4) $0   5/11/2017     A      97278       5/11/2020   5/11/2020   Common Stock   97278   $0   97278   D    
2017 Performance Based Units - 50% Stock/50% Cash   (5) (6)   (7) 5/11/2017     A      145920       12/31/2019   12/31/2019   Common Stock   145920   $0   145920   D    

Explanation of Responses:
(1)  The terms of this Phantom Unit award specify payments in cash rather than in common shares. The value of each vested unit is equal to the economic value of one share of Callon Petroleum Company common stock at its closing price on the vesting date.
(2)  The number of shares indirectly held by the reporting person are reported on this Form 4 for the purpose of disclosing beneficial ownership.
(3)  The number of shares reported is calculated by dividing the total market value of the reporting person's 401(k) account balance invested in the Employer Stock Fund on the date of the earliest transaction reported on this Form 4 by the closing market price-per-share on that date.
(4)  The award terms specify cliff vesting three years from the date of the award.
(5)  The award terms specify cliff vesting on December 31, 2019.
(6)  This Performance Based Unit award is subject to a variable number of units vesting based on a performance criteria related to the total shareholder return of the company compared to a group of peer companies. The number of units subject to vest under this award can range from 0% to as much as 200%. The award terms also specify that upon vesting 50% of the vested units will be payable in common shares and 50% will be payable in cash.
(7)  Each unit is the economic equivalent of one share of the company's common stock.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
CALLON FRED L
200 N CANAL ST
NATCHEZ, MS 39120 		X
Chariman and CEO

Signatures
Clay V. Bland as Attorney-in-fact 5/15/2017
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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