Callon and Unocal Enter Into Drilling Agreement

Callon Petroleum Company announced that it has entered into a three-well Gulf of Mexico shelf drilling program with Unocal Corporation.

Sniper Prospect/East Cameron Block 294 - This prospect, in approximately 180 feet of water, contains two objectives between 3,000 feet and 8,000 feet. The Transocean Sedco Forex jackup, RBF 204, has spud the well and is currently drilling. Unocal is the operator and Callon holds a 50 percent working interest.

Guadalupe Peak Prospect/East Cameron Block 257 - This well, in approximately 160 feet of water, will test objective sands at approximately 8,000 feet. The Guadalupe Peak Prospect is scheduled to be drilled during the second quarter of 2001 following completion of the Sniper Prospect. Unocal is the operator and Callon holds a 50 percent working interest.

Shiner Prospect/Eugene Island Block 215 - This well, in approximately 100 feet of water, will test an Upper Miocene target. The well will be drilled directionally from the Devon Energy Eugene Island Block 215 "C" platform to a total vertical depth of 17,250 feet. The Shiner Prospect is scheduled to be spud in early March 2001. Unocal is the operator and Callon holds a 50 percent working interest.

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