Callon Closes $61.5 Million Sale of Mineral Interests

Callon Petroleum Company has completed the sale of certain non-core, non-operated royalty and mineral interests for $61.5 million pursuant to a Purchase and Sale Agreement dated December 10, 2007. The buyer is Indigo Minerals LLC, a private company based in Houston, Texas.

These non-operated, onshore royalty and mineral interests represent less than 2% of Callon's estimated current net proved reserves and are widely dispersed in 15 different states throughout the United States. Production, net to Callon, from the properties being sold is approximately 420 barrels of oil equivalent per day.

Proceeds from the sale will be used to strengthen the company's balance sheet and provide additional liquidity for the development of Callon's Gulf of Mexico deepwater fields.

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