Callon Petroleum Company Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2012
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the nine months ended September 30, 2012 and 2011 was 33% and 0%, respectively. The variance is attributable to the impact of the valuation allowance against the Company's net deferred tax asset throughout 2011 until it was reversed as of December 31, 2011. The most significant change from 2011 to 2012 other than the valuation allowance was an increase in the expected statutory depletion rate in 2012. We have no liability for uncertain tax positions or any accrued interest or penalties as of September 30, 2012.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details