<ARTICLE> 5
<LEGEND>
THE FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF CALLON PETROLEUM COMPANY FOR
THE PERIOD ENDED SEPTEMBER 30, 1997 WHICH ARE PRESENTED IN ITS QUARTERLY REPORT
ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL 
STATEMENTS.
</LEGEND>
<MULTIPLIER>                                     1,000
       
                                        
<PERIOD-TYPE>                                    9-MOS 
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                           5,939
<SECURITIES>                                         0
<RECEIVABLES>                                    9,621
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                16,298
<PP&E>                                         405,067
<DEPRECIATION>                                 277,771
<TOTAL-ASSETS>                                 156,350
<CURRENT-LIABILITIES>                           12,672
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                         13
<COMMON>                                            60
<OTHER-SE>                                      82,809
<TOTAL-LIABILITY-AND-EQUITY>                   156,350
<SALES>                                         29,578
<TOTAL-REVENUES>                                30,740
<CGS>                                                0
<TOTAL-COSTS>                                   20,786
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                 945
<INCOME-PRETAX>                                  9,009
<INCOME-TAX>                                     2,926
<INCOME-CONTINUING>                              6,083
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     6,083
<EPS-PRIMARY>                                     0.63
<EPS-DILUTED>                                     0.62