Callon Petroleum updated the company’s guidance on oil and gas production for the third quarter of 2010 and full year, and reported on its oil and gas exploration and development activities.

Callon Petroleum estimates that the company will produce between 1.1 and 1.2 billion cubic feet of natural gas and between 180,000 and 220,000 barrels of crude oil during the third quarter of 2010.

Callon Petroleum estimates that the company will produce between 5.0 and 5.6 billion cubic feet of natural gas and between 840,000 and 970,000 barrels of crude oil during the full year 2010.

After converting the production to an equivalent basis at a ratio of six to one, production in the third quarter of 2010 will be in a range from 24 million to 27 million cubic feet equivalent per day. Full year production on an equivalent basis will be in a range from 27 million to 31 million cubic feet equivalent per day.

Callon Petroleum Company reported that it has started up production on six wells recently completed in the Permian Basin. The company is working on two other wells in the same area. Callon Petroleum Company has also started its first well into the Haynesville Shale, and expects the well to be completed by September 2010.

For more information on the company, go to www.callon.com

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