Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On March 16, 2009, Callon Petroleum Company was notified by the New York Stock Exchange that Callon had fallen below one of the NYSE's continued listing standards. Callon received this notification pursuant to Rule 802.01B(I) of the NYSE Listed Company Manual because its average market capitalization has been less than $75 million over a 30-day trading period and its last reported stockholder's equity was less than $75 million.

Callon intends to notify the NYSE that it will submit a plan within 45 days from receipt of this notice to demonstrate its ability to achieve compliance with Rule 802.01B(I) within an 18 month cure period. If the NYSE accepts the plan, Callon's common stock will continue to be listed on the NYSE during the cure period, subject to ongoing monitoring and Callon's compliance with other NYSE continued listing requirements.

On March 20, 2009, Callon issued a press release regarding the matter described above. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits Exhibit Number Title of Document 99.1 Press release dated March 20, 2009 providing information regarding Callon Petroleum Company's continued listing standards.

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