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FOR IMMEDIATE RELEASE

Callon Petroleum Company Announces Company Founder Passes Away

Natchez, MS (March 13, 2006) – Callon Petroleum Company (NYSE: CPE) announced today that the company’s founder, John S. Callon, has passed away. He was 86.

John Callon began his career in the oil and gas business in 1950. He built Callon Petroleum Company into what is today, a publicly traded New York Stock Exchange listed company with a market capitalization of $350 million. He retired as chief executive officer in 1997.

“He was a remarkable person who will be missed by all of us,” said Fred Callon, the company chairman, chief executive officer, and John Callon’s nephew. “He led our company for over half a century, through both challenging and triumphant times. We will always be indebted to him for the vision and leadership he provided.” 

Callon Petroleum Company has been engaged in the exploration, development, acquisition and production of oil and gas in the Gulf Coast region since 1950. Callon’s properties and operations are geographically concentrated in the offshore waters of the Gulf of Mexico.

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