Callon Petroleum Company (NYSE: CPE) today announced it has commenced drilling the first of two development wells at its deepwater Entrada Field. The company anticipates first production in early 2009.

Callon Petroleum Company (NYSE: CPE) today announced it has contracted with Diamond Offshore Drilling, Inc. (NYSE:DO) for the semi-submersible rig Ocean Victory to drill and complete the company's two deepwater development wells at its Entrada Field.