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THIS FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS OF CALLON PETROLEUM COMPANY FOR THE THREE MONTH PERIOD ENDING MARCH 31, 1998 WHICH ARE PRESENTED IN ITS QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND NOTES THERETO.

1,000 3-MOS DEC-31-1998 MAR-31-1998 11,674 0 10,222 0 0 23,623 454,054 288,380 191,615 15,743 0 0 13 80 114,695 191,615 11,045 11,492 0 9,013 0 0 651 1,828 621 1,207 0 0 0 1,207 0.06 0.06