UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. _________________)*
CALLON PETROLEUM CO.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
13123X102
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(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[] Rule 13d-1(c)
[] Rule 13d-1(d)
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*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 13123X102
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1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
ROBERT L. GIPSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 265,210
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
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8. SHARED DISPOSITIVE POWER
765,910
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
765,910
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.4%
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12. TYPE OF REPORTING PERSON*
IN
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Item 1. (a) Name of Issuer:
CALLON PETROLEUM CO.
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(b) Address of Issuer's Principal Executive Offices:
200 North Canal Street
Natchez, MS 39120
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Item 2. (a) Name of Person Filing:
ROBERT L. GIPSON
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(b) Address of Principal Business Office, or if None, Residence:
C/O INGALLS & SNYDER LLC, 61 BROADWAY, NEW YORK, NY 10006
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(c) Citizenship:
USA
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(d) Title of Class of Securities:
COMMON STOCK
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(e) CUSIP Number:
13123X102
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Item 3. If this statement is filed pursuant to Rules 240.13d-(1), or
13d-2(b) or (c), check whether the person filing is a:
(a) [] Broker or Dealer registered under Section 15 of the
Act, (15 U.S.C 78o)
(b) [ ] Bank as defined in Section 3(a)(6) of the
Act, (15 U.S.C 78c)
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act, (15 U.S.C 78c)
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940 (15 U.S.C 80a-8)
(e) [] Investment Adviser in accordance with Section
240.13d-1(b)(1)(ii)(E)
(f) [ ] Employee Benefit Plan or endowment fund in accordance
to Section 240.13d-1(b)(ii)(F)
(g) [ ] A parent holding company or control person in
accordance with Section 240.13d-1(b)(1)(ii)(G)
(h) [ ] A savings associations as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C 1813)
(i) [ ] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of
the Investment Company Act of 1940 (15 U.S.C 80a-3)
(j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J)
Item 4. Ownership.
(a) Amount beneficially owned: 765,910------------,
(b) Percent of class: 5.4%-------------------,
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
0----,
(ii) Shared power to vote or to direct the vote
265,210 -----,
(iii) Sole power to dispose or to direct the disposition of
0-----,
(iv) Shared power to dispose or to direct the disposition of
765,910 ------
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ].
INAPPLICABLE
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Securities reported under shared power to vote and shared dispositive power
assume the exercise of 265,210 CPE warrants held by Ingalls & Snyder
Value Partners, L.P. ("ISVP"),which are exerciseable for 265,210 shares of
CPE common stock at a cost of $0.01 per warrant. These warrants expire 06/29/06.
ISVP is an investment partnership managed under an Investment Advisory contract
with Ingalls & Snyder LLC ("I&S"), a registered broker-dealer. Robert L.
Gipson, a Senior Director of I&S and Thomas O. Boucher, Jr., a
Managing Director of I&S, are General Partners of ISVP and as such, share
the power to vote the shares owned by it.
Securities reported under shared dispositive power include shares held in
brokerage accounts at I&S over which Gipson holds discretionary
investment authority.
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported on By the Parent Holding Company.
INAPPLICABLE
Item 8. Identification and Classification of Members of the Group.
INAPPLICABLE
Item 9. Notice of Dissolution of Group.
INAPPLICABLE
Item 10. Certification.
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were acquired
in the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purpose or effect.
Signature.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: 11/05/03
INGALLS & SNYDER LLC
BY:
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(Signature)*
ROBERT L. GIPSON
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(Name/Title)
* Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).