June 18, 2019 -- Callon Petroleum Company today announced it has given notice for the redemption of all outstanding shares of the Company's 10.00% Series A Cumulative Preferred Stock (CUSIP: 13123X409. The redemption date of the Preferred Shares will be on July 18, 2019. The Preferred Shares will be redeemed at a redemption price equal to $50.00 per share, plus an amount equal to all accrued and unpaid dividends in an amount equal to $0.24 per share, for a total redemption price of $50.24 per share. On and after the Redemption Date, the Preferred Shares will no longer be deemed outstanding, dividends on the Preferred Shares shall cease to accrue, and all rights of the holders with respect to such Preferred Shares will terminate, except the right of the holders to receive the Redemption Price, without interest. Regular dividends on the Preferred Shares for the second quarter of 2019 will be paid on June 30, 2019 to each holder of record on June 13, 2019. The Company has designated American Stock Transfer & Trust Company, LLC to act as the Redemption Agent. Questions regarding the Redemption may be directed to the Redemption Agent at the following address and telephone numbers: American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, New York 11219, Attn: Corporate Actions, Telephone: (718) 921-8200. Any Preferred Shares represented by certificates may by surrendered to the Redemption Agent at the address listed above in exchange for the Redemption Price. All Preferred Shares held in book-entry form through the Depository Trust Company ("DTC") will be redeemed in accordance with the procedures of DTC.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Callon Petroleum Co., 10.00% Series A Cumulative Preferred Stock, liquidation preference $50 per share, redeemable at the issuer's option on or after 5/30/2018 at $50 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 10.00% per annum ($5.00 per annum or $1.25 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date that will be 3/15, 6/15, 9/15 & 12/15 respectively (NOTE: the ex-dividend date is one business day prior to the record date). Whenever dividends are in arrears for six or more quarterly dividend periods a Dividend Penalty Event occurs and the dividend rate specified shall be increased to the rate of 12.0% of the $50.00 per share per annum. This Penalty Rate shall remain in effect until all accrued but unpaid dividends have been paid in full and the company has paid all dividends due for the two most recently ended quarterly dividend payment periods, at which time the dividend rate shall revert to the rate of 10.0%. Whenever a Delisting Event occurs, the 10.0% dividend rate shall be increased to the Penalty Rate. (See prospectus on page S-27 for further details). Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $50 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). Dividends paid by this preferred are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-38 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	10.00% $5.00	$50.00 $50.00	Called for 7/18/2019 None	NR NR 3/28/2019	3/31, 6/30, 9/30 & 12/31 Click for MW ExDiv Date Click for Yahoo ExDiv Date	YES

Company's Online Information Links

HOME PAGE:     https://www.callon.com/
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Company's Email Address Links

Email Address	ir@callon.com
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Address and Phone Numbers

Address:   1401 Enclave Parkway, Suite 600 Houston, TX
Main Phone Number	281-589-5200
Fax Number	Not Available
Investor Contact   Mark Brewer	281-589-5200

CEO - Joseph C. Gatto, Jr.

CFO - Anthony J. Nocchiero