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 * ULM JAMES P II 2. Issuer Name and Ticker or Trading Symbol Callon Petroleum Co [ CPE ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Senior VP & CFO
(Last)         (First)         (Middle)
2000 W. SAM HOUSTON PKWY. S., SUITE 2000
3. Date of Earliest Transaction (MM/DD/YYYY)
12/31/2020
(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                 57 (1) I  401(k) Account 
Common Stock  12/31/2020    M    1875 (1) A $0 (2) 8354 (1) D   
Common Stock  12/31/2020    D    1875  D $13.16 (1) 6479  D   
Common Stock  12/31/2020    M    1875 (1) A $0 (3) 8354  D   
Common Stock  12/31/2020    F    838 (4) D $13.16 (1) 7516  D   
Common Stock  1/1/2021    M    3000 (1) A $0 (5) 10516  D   
Common Stock  1/1/2021    F    1340 (6) D $13.16 (1)(7) 9176  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
2018 Performance Units - 50% Stock/50% Cash (8)(9)  (2) 12/31/2020    M        1875 (1)  12/31/2020  12/31/2020  Common Stock  1875.0 (1)  (2) 0  D   
2018 Performance Units - 50% Stock/50% Cash (8)(10)  (3) 12/31/2020    M        1875 (1)  12/31/2020  12/31/2020  Common Stock  1875.0 (1)  (3) 0  D   
2017 RSU - Stock (Inducement Award) (11)  (12) 1/1/2021    M        3000 (1)   (11)  (11) Common Stock  3000.0 (1)  (12) 0  D   

Explanation of Responses:
(1)  Reflects the 1-for-10 reverse split of the common stock, par value $0.01, of Callon Petroleum Company, effective August 7, 2020.
(2)  Each Performance Unit paid in cash is the economic equivalent of the vesting date closing price of one share of Callon Petroleum Company's common stock.
(3)  Each Performance Unit paid in stock is the equivalent of one share of Callon Petroleum Company's common stock.
(4)  Payment of tax liability by withholding common stock incident to vesting of Performance Unit award issued in accordance with Rule 16b-3.
(5)  Restricted Stock Units ("RSUs") convert into common stock on a one-for-one basis.
(6)  Payment of tax liability by withholding common stock incident to vesting of RSU award issued in accordance with Rule 16b-3.
(7)  Each RSU is the economic equivalent of one share of Callon Petroleum Company's common stock at its closing price on the vesting date, or the preceding business day's closing price if the vesting date should fall on a weekend or holiday.
(8)  This Performance Unit award was 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 over a 32 month period. The number of units subject to vest under this award ranged from 0% to 200%. On the vesting date, this Performance Unit award vested at the 50% level.
(9)  The terms of this Performance Unit award specify payment in cash.
(10)  The terms of this Performance Unit Award specify payment in stock.
(11)  On December 11, 2017, the reporting person was granted 9,000 RSUs (adjusted to reflect the 1-for-10 reverse stock split of common stock described in Footnote 1) subject to three-year ratable vesting with one-third vesting each year subsequent to the award year. The first tranche vested on January 1, 2019. The second tranche vested on January 1, 2020. The third and final tranche vested on January 1, 2021.
(12)  Each RSU is the economic equivalent of one share of Callon Petroleum Company's common stock.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
ULM JAMES P II
2000 W. SAM HOUSTON PKWY. S.
SUITE 2000
HOUSTON, TX 77042


Senior VP & CFO

Signatures
/s/ James P. Ulm, II, by Diana L. Denton, Attorney-in-Fact 1/5/2021
**Signature of Reporting Person Date