Item 3.03 Material Modifications of Rights of Security Holders.
On August 7, 2020, Callon Petroleum Company ("Callon" or the "Company") filed a
Certificate of Amendment to the Certificate of Incorporation of the Company (the
"Charter Amendment") with the Secretary of State of the State of Delaware to
effect a 1-for-10 reverse split (the "Reverse Stock Split") of the shares of
Callon's common stock, par value $0.01 per share (the "Common Stock"), and to
reduce the number of authorized shares of Common Stock to 52,500,000. No
fractional shares were issued in connection with the Reverse Stock Split. Any
fractional shares of Common Stock that would have otherwise resulted from the
Reverse Stock Split were converted into the right to receive a cash payment,
without interest and subject to applicable withholding taxes.
The Reverse Stock Split proportionately affected the number of shares of Common
Stock available for issuance under the Company's equity incentive plans. All
equity awards of the Company outstanding immediately prior to the Reverse Stock
Split were proportionately adjusted.
The foregoing description of the Charter Amendment is not complete and is
qualified in its entirety by reference to the Charter Amendment, which is filed
as Exhibit 3.1 hereto and incorporated herein by reference.
Item 8.01 Other Events.
The Company has outstanding warrants to purchase shares of Common Stock (the
"Warrants") expiring August 10, 2027, subject to certain customary adjustments
from time to time upon the occurrence of certain events. In accordance with the
terms of the Warrants, the Reverse Stock Split will result in an adjustment to
the exercise price of the Warrants from $9.19 per share to $91.90 per share. The
number of shares of Common Stock issuable upon exercise of each Warrant on
August 7, 2020 shall be proportionately adjusted so that the holder, after such
date, shall be entitled to purchase the number of shares of Common Stock that
such holder would have owned or been entitled to receive in respect of the
shares of Common Stock subject to the Warrant after such date had the Warrant
been exercised immediately prior to such date.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number               Description
                               Certificate of Amendment to the Certificate of Incorporation of Callon,
         3.1                 effective August 7, 2020.
         104                 Cover Page Interactive Data File - the cover page XBRL tags are embedded
                             within the Inline XBRL document.

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