Callon To Double Authorized Shares

Callon Petroleum Co. announced Monday that at a Special Meeting of Shareholders held on December 31, 2009, shareholders approved an amendment to Article Four of the company's Certificate of Incorporation which increases the number of authorized shares of the company's common stock from 30,000,000 shares to 60,000,000 shares. Also approved by the company's shareholders was a proposal to issue shares of the company's common stock upon conversion of the company's convertible preferred stock.

An amendment to the Certificate of Incorporation reflecting the increase in authorized shares was effective on December 31, 2009. According to the terms of its certificate of designations, the convertible preferred stock was automatically converted into shares of the company's common stock at a rate of 10 shares of common stock per share of convertible preferred stock for an aggregate of 3,108,020 shares of common stock. As of December 31, 2009 and after taking into effect the conversion, the company had approximately 28.7 million shares of common stock outstanding.

Callon Petroleum Co. is engaged in the acquisition, development, exploration and operation of oil and gas properties primarily in the Gulf Coast region. Callon's properties and operations are geographically concentrated in Louisiana, Texas and the offshore waters of the Gulf of Mexico.


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