<ARTICLE> 5
<LEGEND>
THIS FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF CALLON PETROLEUM COMPANY FOR THE
PERIOD ENDING DECEMBER 31, 1998 WHICH ARE PRESENTED IN ITS ANNUAL REPORT ON FORM
10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                           6,300
<SECURITIES>                                         0
<RECEIVABLES>                                    6,024
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                14,248
<PP&E>                                         495,193
<DEPRECIATION>                                 345,353
<TOTAL-ASSETS>                                 181,652
<CURRENT-LIABILITIES>                           13,106
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                         13
<COMMON>                                            82
<OTHER-SE>                                      84,389
<TOTAL-LIABILITY-AND-EQUITY>                   181,652
<SALES>                                         35,624
<TOTAL-REVENUES>                                37,718
<CGS>                                                0
<TOTAL-COSTS>                                   81,647
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               1,925
<INCOME-PRETAX>                               (45,854)
<INCOME-TAX>                                  (15,100)
<INCOME-CONTINUING>                           (30,754)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (30,754)
<EPS-PRIMARY>                                   (4.17)
<EPS-DILUTED>                                   (4.17)