EXHIBIT 99.1

For further information contact
John S. Weatherly, CFO 1-800-451-1294

                              FOR IMMEDIATE RELEASE

         CALLON PETROLEUM COMPANY TO WEBCAST
         SECOND QUARTER 2003 RESULTS OF OPERATIONS CONFERENCE CALL

         Natchez, MS (August 7, 2003)-Callon Petroleum Company (NYSE:
CPE/CPE.PrA) today announced that its conference call discussing second quarter
2003 results will be accessible live on the Internet. The call is scheduled for
Tuesday, August 12, 2003 at 10:00 a.m. Central Daylight Time. Second quarter
2003 results of operations will be released the previous afternoon.

         To access the call log onto www.callon.com, click on the
"Presentations" button on the left side of the homepage. Then click on the icon
for "Webcast powered by CCBN." Windows Media Player software is required to hear
the call. It may be downloaded free by clicking on the icon "Get Windows Media
Player."

         Those unable to listen to the actual teleconference may access a
recording of it at any time between Noon Tuesday and Noon Wednesday Central
Daylight Time. Dial 1-800-633-8284 and enter Reservation Number 21157637.

         Callon Petroleum Company has been engaged in the exploration,
development, acquisition and operation of oil and gas properties in the Gulf
Coast region since 1950.

         This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These projections and
statements reflect the company's current views with respect to future events and
financial performance. No assurances can be given, however, that these events
will occur or that these projections will be achieved and actual results could
differ materially from those projected as a result of certain factors.


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