5

THIS FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF CALLON PETROLEUM COMPANY FOR THE PERIOD ENDING SEPTEMBER 30, 1998 WHICH ARE PRESENTED IN ITS QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

9-MOS DEC-31-1998 SEP-30-1998 11,661 0 7,268 0 0 19,566 469,808 297,418 201,411 17,145 0 0 13 80 115,798 201,411 28,949 30,564 0 24,927 0 0 1,262 4,375 1,488 2,887 0 0 0 2,887 0.10 0.10