CPE Callon Petroleum Company

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 * Gatto Joseph C. Jr.	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) President and CEO
(Last)          (First)          (Middle) 2000 W. SAM HOUSTON PKWY. S., SUITE 2000	3. Date of Earliest Transaction (MM/DD/YYYY) 1/31/2020
(Street) HOUSTON, TX 77042 (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								25941	I	401(k) Account
Common Stock								345506	D

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
2020 RSU - Stock (1)	(2)	1/31/2020		A		487993		4/1/2021 (3)	4/1/2023 (3)	Common Stock	487993.0	$0	487993	D
2020 Performance Units - 50% Stock/50% Cash (4)	(5)	1/31/2020		A		731994		12/31/2022	12/31/2022	Common Stock	731994.0	$0	731994	D

Explanation of Responses:
(1)	On January 31, 2020, the reporting person was granted 487,993 Restricted Stock Units with one-third vesting each year subsequent to the award year.
(2)	Restricted Stock Units convert into Common Stock on a one-for-one basis.
(3)	The award terms specify three-year ratable vesting with one-third vesting each year subsequent to the award year. The first tranche will vest on April 1, 2021. The second tranche will vest on April 1, 2022. The third and final tranche will vest on April 1, 2023.
(4)	This Performance Unit award is subject to a variable number of Performance Units vesting based on performance criteria related to the Company's absolute total shareholder return of the Company and relative total shareholder return compared to a group of peer companies over the three-year performance period. The number of Performance Units subject to vest under this award can range from as little as 0% to as much as 300%. The award terms specify that upon vesting 50% of the vested Performance Units will be payable in Common Stock and 50% will be payable in cash.
(5)	Each Performance 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
Gatto Joseph C. Jr. 2000 W. SAM HOUSTON PKWY. S. SUITE 2000 HOUSTON, TX 77042	X		President and CEO

Signatures
/s/ Joseph C. Gatto, Jr. by Diana L. Denton, as Attorney-in-Fact		2/4/2020
**Signature of Reporting Person		Date