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MONDAY, JULY 06, 2015

About Callon

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Founded in 1950, we are an independent oil and natural gas company focused on growing production and reserves from our oil-weighted multi-play, multi-pay assets in the Permian Basin.

Implementing a Focused Strategy with a Commitment to Growth

In 2014, we built upon our success as a pure-play, premier operator within the Permian Basin region in Texas. We have a seasoned technical and operational teams with extensive experience in the Permian Basin to manage and progress our growth plan.

We operate nearly 100% of our Permian acreage, which provides additional flexibility to modify our development plans based on a continuously changing environment and commodity prices. Our current acreage position in the Basin provides visible growth potential from our 40-year inventory of horizontal drilling locations from nine distinct zones (or a 20-year inventory limited only to the four currently producing zones), based on our current two-rig horizontal drilling program.

We exited 2014 with Permian production of nearly 7,300 Boepd (79%+ oil) in the fourth quarter, a 145% increase over our fourth quarter exit rate in 2013, and we anticipate continued growth in 2015 and future years. Importantly, our early transition to a horizontal development program, which was expanded from three productive zones in 2013 to four zones in 2014, adding the Lower Spraberry to the already producing Wolfcamp A and two procuding zones from the Wolfcamp B, continues to improve our overall capital efficiency and is driving substantial increases in our proven reserve base.

Callon Share Information

Shares of Callon Petroleum Company common stock and Preferred Series A stock are both traded on the New York Stock Exchange under the symbols “CPE” and “CPE-A,” respectively. The Company’s objective is to enhance stockholder value through sustained growth in its reserve base, production levels and resulting cash flows from operations.

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