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
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Conn Mitzi P
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)
Controller
(Last)          (First)          (Middle)

200 NORTH CANAL STREET
3. Date of Earliest Transaction (MM/DD/YYYY)

5/12/2016
(Street)

NATCHEZ, MS 39120
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   5/15/2016   5/15/2016   M    16038   A $0   36586   D    
Common Stock   5/15/2016   5/15/2016   F    5189   D $10.81   31397   D    
Common Stock   5/15/2016   5/15/2016   M    2830   A   (1) 34227   D    
Common Stock   5/15/2016   5/15/2016   D    2830   D $10.9   31397   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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
2013 RSU - Stock   (2) $0   5/15/2016     M         16038    5/15/2016   5/15/2016   Common Stock   16038   $0   0   D    
2013 RSU - Cash   (2)   (1) 5/15/2016     M         2830    5/15/2016   5/15/2016   Common Stock   2830     (1) 0   D    
2016 RSU - Stock   (2) $0   5/12/2016     A      10145       5/12/2019   5/12/2019   Common Stock   10145   $0   10145   D    
2016 Phantom Units   (2) (3)   (4) 5/13/2016     A      1790       5/13/2019   5/13/2019   Common Stock   1790   $0   1790   D    
2016 Performance Based Units - 50% Stock/50% Cash   (5) (2)   (4) 5/13/2016     A      17902       12/31/2018   12/31/2018   Common Stock   17902   $0   17902   D    

Explanation of Responses:
( 1)  The terms of this Phantom Unit award specify payment in cash rather than in common shares. The value of each vested unit is equal to the average of the opening and closing price of the company's common stock on the vesting date.
( 2)  The award terms specify cliff vesting three years from the date of the award.
( 3)  The terms of this Phantom Unit award specify payment in cash rather than in common shares.
( 4)  Each share of phantom stock is the economic equivalent of one share of the company's common stock.
( 5)  This Performance Based Unit award is subject to a variable number of units vesting based on a performance criteria related to the total shareholder return of the company compared to a group of peer companies. The number of units subject to vest under this award can range from 0% to as much as 200%. The award terms also specify that upon vesting 50% of the vested units will be payable in common shares and 50% will be payable in cash.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Conn Mitzi P
200 NORTH CANAL STREET
NATCHEZ, MS 39120


Controller

Signatures
Clay V. Bland as Attorney-in-fact 5/17/2016
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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