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Exhibit 99.1 Callon Petroleum Company Announces First Quarter 2021 Results HOUSTON , TX ( May 5 , 2021 ) - Callon Petroleum Company ( NYSE : CPE ) ( " Callon ” or the “ Company ” ) today reported results of operations for the three months ended March 31 , 2021 . Presentation slides accompanying this earnings release are available on the Company's website at www.callon.com located on the " Presentations " page within the Investors section of the site . First Quarter 2021 and Recent Highlights Delivered production of approximately 81.0 MBoe / d ( 64 % oil ) in the first quarter of 2021 Generated net cash provided by operating activities of $ 137.7 million and adjusted free cash flow of $ 24.2 million Net loss of $ 80.4 million , or $ 1.89 per diluted share , driven primarily by a loss on derivative contracts of $ 214.5 million , adjusted EBITDA of $ 170.6 million , and adjusted income¹ of $ 70.0 million , or $ 1.49 per diluted share Achieved an operating margin of $ 33.46 per Boe , a 58 % increase from the previous quarter Entered into purchase and sale agreements for certain non - core Delaware Basin properties for aggregate proceeds of approximately $ 40 million Completed the spring redetermination of Callon's senior secured credit facility with the borrowing base and elected commitment reaffirmed at $ 1.6 billion with unanimous lender support Executed Callon's first E - frac of a multi - well , multi - zone pad in the Midland Basin powered by field - produced natural gas Joe Gatto , President and Chief Executive Officer commented , " The first quarter showcased our team's highly efficient resource development model and operating cost management , underpinned by consistent well performance from our multi - zone , life of field development program . We continued to generate positive free cash flow , even with the effects of the extreme winter weather significantly impacting our production for the quarter . In addition to further reducing the outstanding balance on our credit facility , we recently entered into purchase and sale agreements for non - core Western Delaware Basin acreage for estimated proceeds of approximately $ 40 million as we methodically advance our monetization goals in an improving market environment . We remain steadfast in our commitment to disciplined rates of capital reinvestment and see a clear path to an accelerated pace of absolute debt reduction and credit metric improvements in the coming quarters . " He continued , " We recently issued our annual meeting proxy statement which outlined the extensive realignment of both our short and long - term compensation programs with critical elements of sustainability and corporate level returns . In addition , we outlined a targeted 40 % to 50 % in greenhouse gas emissions reductions , including the elimination of all routine field flaring , which we expect to achieve by 2025. We will provide valuable additional disclosure regarding our environmental , social and governance performance and initiatives in our 2021 sustainability report which we expect to issue in June . " Sale of Delaware Basin Assets During April , Callon executed purchase and sale agreements covering certain non - core assets in the Delaware Basin . Aggregate proceeds for the combined transactions are approximately $ 40 million . The transactions are primarily comprised of natural gas producing properties in the Western Delaware Basin and also include a small undeveloped acreage position . Current production related to the divestitures are approximately 3,400 Boe / d ( ~ 25 % oil ) . The pending transactions will result in an improvement in operating margins and have a de minimis impact on forecasted corporate free cash flow generation . Credit Facility and Liquidity Callon recently completed the spring redetermination for its senior secured credit facility . The borrowing base and elected commitment were both reaffirmed at $ 1.6 billion . As of March 31 , 2021 , the drawn balance on the facility was $ 950.0 million and cash balances were approximately $ 25 million . Operations Update At March 31 , 2021 , Callon had 1,510 gross ( 1,333.9 net ) wells producing from established flow units in the Permian and Eagle Ford . Net daily production for the three months ended March 31 , 2021 was 81.0 MBoe / d ( 64 % oil ) reflecting an estimated 8 MBoe / d impact from winter storm Uri during the quarter . For the three months ended March 31 , 2021 , Callon drilled 18 gross ( 16.4 net ) wells and placed a combined 14 gross ( 13.3 net ) wells on production . Wells placed on production during the quarter were completed in the Eagle Ford in South Texas and the Wolfcamp A , B , and C in the Delaware Basin . The Company expects to operate an average of three drilling rigs throughout the remainder of 2021 and will average just over two completion crews through the second quarter before reducing to one completion crew during the third quarter . During the first quarter , Callon focused early completion activity on the Eagle Ford with ten gross wells completed and placed on production during the quarter , including the Gardendale four - well pad which averaged more than 12,000 feet per lateral . Towards the