Sec Form 4 Filing - FLURY L RICHARD @ Callon Petroleum Co - 2020-05-09

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

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person FLURY L RICHARD 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 _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 2000 W. SAM HOUSTON PKWY. S., SUITE 2000 3. Date of Earliest Transaction (MM/DD/YY) 05/09/2020 (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 30,000 I Joint Tenant with Spouse Common Stock 132,999 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 2019 RSU - Stock ( 1 ) ( 2 ) 05/09/2020 M 20,370 ( 1 )( 3 ) ( 1 )( 3 ) Common Stock 20,370 $ 0 0 D Phantom Stock Units ( 3 ) ( 2 ) 05/09/2020 M 20,370 ( 3 ) ( 3 ) Common Stock 20,370 $ 0 151,884 D 2017 RSU - Stock ( 4 ) ( 2 ) 05/10/2020 M 3,706 ( 3 )( 4 ) ( 3 )( 4 ) Common Stock 3,706 $ 0 0 D Phantom Stock Units. ( 3 ) ( 2 ) 05/10/2020 M 3,706 ( 3 ) ( 3 ) Common Stock 3,706 $ 0 155,590 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other FLURY L RICHARD 2000 W. SAM HOUSTON PKWY. S. SUITE 2000 HOUSTON, TX77042 X Signatures /s/ L. Richard Flury, by Diana L. Denton, as Attorney-in-Fact 05/11/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On May 9, 2019, the reporting person was granted 20,370 Restricted Stock Units ("RSUs") that cliff vested on the one year anniversary date following the grant date, or the date of the Company's 2020 Annual Shareholders Meeting, whichever occurred first. The reporting person elected that upon vesting, these RSUs convert into Phantom Stock Units payable upon retirement. ( 2 )Each Phantom Stock Unit is the economic equivalent of one share of CPE Common Stock. ( 3 )The Phantom Stock Units will be paid upon the Director's retirement from the Company's Board of Directors pursuant to the Plan. The reporting person has elected to have his Phantom Stock Units distributed in cash. ( 4 )On May 10, 2017, the reporting person was granted 11,120 RSUs with one-third vesting on each anniversary date following the grant date. The first tranche vested on May 10, 2018. The second tranche vested on May 10, 2019. The third and final tranche vested on May 10, 2020. The reporting person elected that upon vesting these RSUs convert into Phantom Stock Units payable upon retirement.

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

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.