Summary of CALLON PETROLEUM CO

Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On June 1, 2009, Callon Petroleum Company issued the press release attached as Exhibit 99.1 announcing that Steven B. Hinchman was named to the position of Executive Vice President and Chief Operating Officer.

Prior to joining the Company, Mr. Hinchman, age 50, was Executive Vice President of Technology and Services for Marathon Oil Corporation, a position he held since April 2008, and served as a member of Marathon's Executive Committee, a position he held since October 2000. Mr. Hinchman originally joined Marathon in 1980 as a field engineer and subsequently held a number of technical, staff and managerial positions of increasing responsibility in their domestic and international exploration and production organizations. Mr. Hinchman received a bachelor's degree in petroleum engineering from Pennsylvania State University in 1980, and a master's degree in the same field of study from the Colorado School of Mines in 1987. Mr. Hinchman is a member of the board of directors of the American Petroleum Institute, a member, a Visiting Committee Member of the Petroleum Engineering Department of the Colorado School of Mines, a member of the board of directors of the Sam Houston Council of the Boy Scouts of America, and a member of the Industrial and Professional Advisory Council of the Department of Energy and Geo-Environmental Engineering at Pennsylvania State University. In 2005, he received the distinguished Penn State Alumni Fellow Award.

Pursuant to the terms of his employment, Mr. Hinchman will receive an annual salary of $430,000 and is eligible for a targeted annual cash incentive award equal to 90% of his base salary. As an inducement to employment, Mr. Hinchman was awarded 500,000 options to purchase the Company's common stock with an exercise price of $2.755 per share. These options will vest in three equal increments when Callon's common stock trades above $5.00, $10.00, and $15.00 for twenty (20) consecutive trading days, respectively. Mr. Hinchman was awarded 100,000 time-based restricted shares of common stock which will vest on the fourth anniversary of the award date, assuming continued employment. Mr. Hinchman was also awarded 100,000 performance-based restricted shares of common stock which will vest between 0% and 150% based on certain performance metrics when compared to company identified peer companies. The performance measurement period begins June 1, 2009 and ends June 1, 2012.

In addition to the items mentioned above, Mr. Hinchman will receive other employee benefits afforded executive officers of the Company such as paid vacation, medical and dental insurance, participation in the company's 401-K plan and cafeteria plan, a company furnished automobile, club membership, and reimbursement for dues and expenses for professional affiliations.