Statement of Changes in Beneficial Ownership (4)

FORM 4

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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3235-0287

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * Gatto Joseph C. Jr.	2. Issuer Name and Ticker or Trading Symbol Callon Petroleum Co [ CPE ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director                    _____ 10% Owner __X__ Officer (give title below)    _____ Other (specify below) President and CEO
(Last)          (First)          (Middle) 2000 W. SAM HOUSTON PKWY. S., SUITE 2000	3. Date of Earliest Transaction (MM/DD/YYYY) 12/31/2019
(Street) HOUSTON, TX 77042 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								24537	I	401(k) Account
Common Stock	12/31/2019		M		32152	A	$0 (1)	354346	D
Common Stock	12/31/2019		D		32152	D	$4.83	322194	D
Common Stock	12/31/2019		M		32152	A	$0 (2)	354346	D
Common Stock	12/31/2019		F		8840 (3)	D	$4.83	345506	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
2017 Performance Units - 50% Cash (4)(5)	(1)	12/31/2019		M			32152	12/31/2019	12/31/2019	Common Stock	32152.0	(1)	0	D
2017 Performance Units - 50% Stock (4)(6)	(2)	12/31/2019		M			32152	12/31/2019	12/31/2019	Common Stock	32152.0	(2)	0	D

Explanation of Responses:
(1)	Each Performance Unit paid in cash is the economic equivalent of the vesting date closing price of one share of Callon Petroleum Company's common stock.
(2)	Each Performance Unit paid in stock is the equivalent of one share of Callon Petroleum Company's common stock.
(3)	Payment of tax liability by withholding common stock incident to vesting of Performance Unit award issued in accordance with Rule 16b-3.
(4)	This Performance Unit award was subject to a variable number of units vesting based on a performance criteria related to the total shareholder return of the Company compared to a group of peer companies over a 31 month period. The number of units subject to vest under this award ranged from 0% to 200%. On the vesting date, this Performance Unit award vested at the 100% level.
(5)	The terms of this Performance Unit award specify payment in cash.
(6)	The terms of this Performance Unit Award specify payment in stock.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Gatto Joseph C. Jr. 2000 W. SAM HOUSTON PKWY. S. SUITE 2000 HOUSTON, TX 77042	X		President and CEO

Signatures
Joseph C. Gatto, Jr. by Stacy E. Skelton, as Attorney-in-Fact		1/3/2020
**Signature of Reporting Person		Date