On September 9, 2009, Callon Petroleum Company announced that Callon Petroleum Operating Company, a subsidiary of Callon Petroleum Company, executed a Purchase and Sale Agreement providing for the purchase of certain mineral interests for $16.25 million. The proposed purchase is effective September 1, 2009 and the seller is Ambrose Energy I, Ltd., a subsidiary of ExL Petroleum LP. The foregoing description of the Purchase and Sale Agreement is not complete and is qualified in its entirety by reference to the full text of the Purchase and Sale Agreement, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K and is incorporated herein by reference.

A copy of the press release announcing the acquisition described in Item 1.01 is attached as Exhibit 99.1 to this Form 8-K. This press release shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

(c) Exhibits

Exhibit Number                             Title of Document

2.1                 Purchase and Sale Agreement by and between Callon Petroleum
                    Operating Company and Ambrose Energy I, Ltd. dated September 9,
                    2009*.

99.1                Press release dated September 10, 2009 announcing the purchase
                    of certain mineral interests from Ambrose Energy I, Ltd.
                    effective September 1, 2009 for $16.25 million. (furnished
                    pursuant to Item 7.01)

* The exhibits to this agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. Callon will furnish a copy of such schedules to the Securities and Exchange Commission upon request.