Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MAYFIELD ROBERT A
   2. Issuer Name and Ticker or Trading Symbol
CALLON PETROLEUM CO [CPE] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Corporate Secretary
(Last)
(First)
(Middle)
200 NORTH CANAL STREET		 3. Date of Earliest Transaction (Month/Day/Year)
03/21/2006
(Street)

NATCHEZ, MS 391203212		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/21/2006 03/21/2006 M V 8,000 A $ 12 26,577 D  
Common Stock 03/21/2006 03/21/2006 F V 6,322 (1) D $ 20.01 20,255 D  
Common Stock 03/22/2006 03/22/2006 S V 875 D $ 19.95 19,380 D  
Common Stock 03/23/2006 03/16/2006 S V 803 D $ 19.95 18,577 D  
Common Stock               4,105 (2) I 401(k) Account

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 12 03/21/2006 03/21/2006 M V   8,000 02/23/1997 08/23/2006 Common Stock 8,000 $ 0 0 D  
2004 Performance Shares $ 13.71             05/05/2005 07/14/2014 Common Stock 8,800   8,800 D  
Stock Option (Right to Buy) $ 9             09/05/1999 03/05/2009 Common Stock 7,000   7,000 D  
Stock Option (Right to Buy) $ 10.5             09/23/2000 03/23/2010 Common Stock 17,500   17,500 D  
Stock Option (Right to Buy) $ 4.5             01/13/2003 07/12/2012 Common Stock 4,800   4,800 D  
Stock Option (Right to Buy) $ 3.7             02/24/2003 08/23/2012 Common Stock 3,250   3,250 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MAYFIELD ROBERT A
200 NORTH CANAL STREET
NATCHEZ, MS 391203212		       Corporate Secretary  

Signatures

 /s/ MAYFIELD, ROBERT A.   03/23/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Represents shares withheld by the issuer to (1) pay federal and state income taxes and (2) payment of stock option exercise price.
(2) The number of shares reported is calculated by dividing the total market value of the reporting person's account balance within the Callon Petroleum Company Employee Savings and Protection Plan (401(k) Plan) on the day prior to this Form 4 reporting date by the closing market price per share on that day.

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