Callon Petroleum Co.

$CPE - NYSE - Energy
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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 Reuters clients. 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 the information contained therein.

Source: Callon Petroleum Company via Thomson Reuters ONE

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