<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 MARCH 31, 1999 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>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               MAR-31-1999
<CASH>                                           4,150
<SECURITIES>                                         0
<RECEIVABLES>                                    5,688
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                11,486
<PP&E>                                         508,977
<DEPRECIATION>                                 349,236
<TOTAL-ASSETS>                                 188,457
<CURRENT-LIABILITIES>                           10,910
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                         10
<COMMON>                                            85
<OTHER-SE>                                      82,635
<TOTAL-LIABILITY-AND-EQUITY>                   188,457
<SALES>                                          7,969
<TOTAL-REVENUES>                                 8,374
<CGS>                                                0
<TOTAL-COSTS>                                    6,632
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               1,027
<INCOME-PRETAX>                                    715
<INCOME-TAX>                                       243
<INCOME-CONTINUING>                                472
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       472
<EPS-PRIMARY>                                    (.04)
<EPS-DILUTED>                                    (.04)