5

THIS FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF CALLON PETROLEUM COMPANY FOR THE PERIOD ENDING DECEMBER 31, 1998 WHICH ARE PRESENTED IN ITS ANNUAL REPORT ON FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

1,000 12-MOS DEC-31-1998 DEC-31-1998 6,300 0 6,024 0 0 14,248 495,193 345,353 181,652 13,106 0 0 13 82 84,389 181,652 35,624 37,718 0 81,647 0 0 1,925 (45,854) (15,100) (30,754) 0 0 0 (30,754) (4.17) (4.17)