Sec Form 4 Filing - Conaway Gregory F @ Callon Petroleum Co - 2022-12-31

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 Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Conaway Gregory F 2. Issuer Name and Ticker or Trading Symbol Callon Petroleum Co [ CPE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Vice President & CAO (Last) (First) (Middle) 2000 W. SAM HOUSTON PKWY. S., SUITE 2000 3. Date of Earliest Transaction (MM/DD/YY) 12/31/2022 (Street) HOUSTON, TX77042 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction 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 12/31/2022 M 724 A $ 0( 1 ) 38,317 D Common Stock 12/31/2022 D 724 D $ 36.07 37,593 D Common Stock 12/31/2022 M 724 A $ 0( 2 ) 38,317 D Common Stock 12/31/2022 F 215( 3 ) D $ 37.09 38,102 D Common Stock 01/01/2023 M 1,645 A $ 0( 4 ) 39,747 D Common Stock 01/01/2023 F 488( 5 ) D $ 37.09( 6 ) 39,259 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 2020 Performance Units - 50% Stock/50% Cash( 7 )( 8 ) ( 1 ) 12/31/2022 M 724 12/31/2022 12/31/2022 Common Stock 724 ( 1 ) 0 D 2020 Performance Units - 50% Stock/50% Cash( 7 )( 9 ) ( 2 ) 12/31/2022 M 724 12/31/2022 12/31/2022 Common Stock 724 ( 2 ) 0 D 2019 RSU - Stock (Inducement Award)( 10 ) ( 11 ) 01/01/2023 M 1,645 ( 10 ) ( 10 ) Common Stock 1,645 ( 11 ) 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Conaway Gregory F 2000 W. SAM HOUSTON PKWY. S. SUITE 2000 HOUSTON, TX77042 Vice President & CAO Signatures /s/ Gregory F. Conaway, by Lucas A. Fried, Attorney-in-Fact 01/04/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Per the terms of the applicable award agreement, each Performance Unit paid in cash is valued at the average of the 20-day closing price of one share of Callon Petroleum Company's common stock as of the vesting date. ( 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 )Restricted Stock Units ("RSUs") convert into common stock on a one-for-one basis. ( 5 )Payment of tax liability by withholding common stock incident to vesting of RSU award issued in accordance with Rule 16b-3. ( 6 )Each RSU is the economic equivalent of one share of Callon Petroleum Company's common stock at its closing price on the vesting date, or the preceding business day's closing price if the vesting date should fall on a weekend or holiday. ( 7 )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. The number of units subject to vest under this award ranged from 0% to 300%. On the vesting date, this Performance Unit award vested at the 18% level. ( 8 )The terms of this Performance Unit Award specify payment in cash. ( 9 )The terms of this Performance Unit Award specify payment in stock. ( 10 )The RSU award is subject to three-year ratable vesting with one-third vesting each year subsequent to the award year. The first tranche vested on January 1, 2021. The second tranche vested on January 1, 2022. The third and final tranche vested on January 1, 2023. ( 11 )Each RSU is the economic equivalent of one share of Callon Petroleum Company's common stock.

Remarks: Exhibit List: Exhibit 24 - Power of Attorney

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

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