<ARTICLE> 5
<LEGEND>
THE FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF CALLON PETROLEUM COMPANY FOR THE
PERIOD ENDING JUNE 30, 1998 WHICH ARE PRESENTED IN ITS QUARTERLY REPORT ON FORM
10Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<MULTIPLIER>                                     1,000
<PERIOD-TYPE>                                    6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<CASH>                                          36,923
<SECURITIES>                                         0
<RECEIVABLES>                                   10,824
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 1,153
<PP&E>                                         452,479
<DEPRECIATION>                                 293,196
<TOTAL-ASSETS>                                 209,923
<CURRENT-LIABILITIES>                           33,630
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                         13
<COMMON>                                            80
<OTHER-SE>                                     115,138
<TOTAL-LIABILITY-AND-EQUITY>                   209,923
<SALES>                                         20,322
<TOTAL-REVENUES>                                21,225
<CGS>                                                0
<TOTAL-COSTS>                                   17,287
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                 983
<INCOME-PRETAX>                                  2,955
<INCOME-TAX>                                     1,001
<INCOME-CONTINUING>                              1,954
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     1,954
<EPS-PRIMARY>                                     0.07
<EPS-DILUTED>                                     0.07