Document:

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                                                                    EXHIBIT 10.5

                               EMPLOYMENT CONTRACT

     THIS EMPLOYMENT CONTRACT ("Contract") made and effective this 1st day of
April, 2008, by and between Gary D. Haapala ("Employee") and UNITED BANK &
TRUST, 205 E. Chicago Blvd., P.O. Box 248, Tecumseh, Michigan 49286 ("Bank").

                                    RECITALS

A.   Bank is a wholly owned subsidiary of United Bancorp, Inc. ("UBI").

B.   Bank desires to continue to employ Employee.

C.   Employee desires to continue to be employed by Bank.

D.   There is continued activity by multi-bank holding companies in the
     acquisition of independent community banks, which often jeopardizes the
     continued employment of senior officers of the acquired bank, and Bank
     wishes to minimize the uncertainty and distraction caused by such activity,
     which would detract from Employee's ability to perform his/her duties, by
     providing Employee with some transition assistance if UBI or Bank is
     acquired or if there is a change in control of UBI or Bank, or if
     Employee's employment is terminated in anticipation of such an acquisition,
     merger, change in control, or similar transaction.

     NOW, THEREFORE, Bank and Employee hereby enter into this Employment
Contract on the following terms and conditions:

1.   Employment. Bank hereby employs Employee, and Employee accepts this
     employment and agrees to devote his/her full-time attention and energies to
     the performance of his/her employment duties.

2.   Term of Contract. This Contract shall be for a term of one (1) year
     beginning April 1, 2008, unless terminated earlier pursuant to the
     provisions of paragraph 3 and/or 6.

3.   Payment Upon Termination in Certain Circumstances. If, other than for a
     Change in Control, as defined in paragraph 7, below, Bank shall terminate
     Employee's employment other than for "Cause," as defined in paragraph 6,
     below, or by mutual agreement, Employee shall continue to receive his/her
     regular salary (the salary in effect immediately prior to such termination)
     and benefits (except for group carve out life insurance) for a period of
     six (6) months. This continuation of salary and benefits shall immediately
     cease if Employee secures employment before the end of the six (6) month
     period.

4.   Duties. The duties, responsibilities and authority of Employee shall be as
     determined by Bank from time to time.

5.   Compensation. Employee's salary for the year beginning April 1, 2008 shall
     be $175,000, unless adjusted pursuant to the following provisions:

          a.   It is contemplated that an annual bonus shall be paid. Employee
               will be a Group 2 Participant in the Target Incentive
               Compensation Plan.

          b.   Employee shall receive the standard employee benefits of
               employees of Bank.

          c.   Changes may be made to the salary and fringe benefits herein set
               forth and such changes shall be set forth in Attachment A.
               Changes to the salary and fringe benefits are effective only
               after Attachment A has been signed by the Chairman of the Board
               of Bank and by the Employee.

6.   Termination for Cause. Bank may terminate this Contract for "Cause," such
     termination to be immediate, without notice, at any time, and with
     compensation and benefits only to the date of the

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     termination of Employee. The term "Cause" shall include the following
     enumerated and substantially equivalent matters:

          a.   a. the death of Employee;

          b.   the disability of Employee rendering him unable to perform the
               services required under the Contract for a period of 180 days;

          c.   known substance abuse by Employee;

          d.   felony conviction or plea (including a plea of guilty, nolo
               contendere or similar plea) of Employee;

          e.   misdemeanor conviction or plea (including a plea of guilty, nolo
               contendere or similar plea) of Employee, if the misdemeanor
               involves moral turpitude;

          f.   Employee's repeated unprofessional, irresponsible or disruptive
               language or conduct in the performance of his duties;

          g.   Employee's dishonesty, breach of professional or corporate
               ethics, or criticism by a regulatory agency involving a serious
               violation of law or regulations;

          h.   Employee's substantial breach of any significant term of this
               Contract, including, but not limited to, continued unsatisfactory
               job performance, or repeated uncooperative conduct.

7.   Suspension. Bank may suspend the employment of Employee resulting in the
     cessation of the performance of duties and the cessation of all
     compensation and benefits, in accordance with the following provisions:

          a.   If criminal charges as described in subparagraph 6.d. and e. are
               made against Employee, then Bank, acting in its discretion, may
               suspend Employee for any period of time, provided that the
               suspension shall end if such charges do not result in a
               conviction of a plea (of guilty or nolo contendere, etc.) of
               either the original charge(s) or any lessor charge(s).

          b.   If a regulatory agency criticizes Employee for regulatory
               violations as set forth in paragraph 6.g. above, Bank shall have
               the discretion to suspend Employee for any period of time,
               provided that if the alleged violations are resolved in the
               Employee's favor, the suspension shall end.

          The discretion invested in Bank as set forth in this paragraph 7,
          shall be exercised by the Chairman of its Board of Directors.

8.   Failure to Meet Goals and Objectives. In the event of Employee's repeated
     failure to meet goals and objectives which are established by the Board of
     Directors of Bank from time to time, Employee's employment may be
     terminated immediately, without notice, at any time, provided that Employee
     shall continue to receive his/her regular salary and benefits for a period
     of six (6) months in accordance with the provisions of paragraph 3, above.

9.   Employee Responsibilities Following Termination. Termination of this
     Contract shall not relieve Employee of his/her responsibilities to complete
     any records, cooperate with Bank on any litigation, audits, regulatory
     reviews, claims or investigations, and otherwise to fulfill all
     responsibilities under this Contract which should have been rendered prior
     to its termination.

10.  Change in Control. For purposes of this Contract, a Change in Control of
     UBI or Bank shall be deemed to have occurred if:

          a.   there shall be consummated (i) any consolidation or merger of UBI
               in which UBI is not the continuing or surviving corporation or
               pursuant to which shares of UBI's common stock would be converted
               into cash, securities or other property, other than a merger of
               UBI in

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               which the holders of UBI's common stock immediately prior to the
               merger have the same proportionate ownership of common stock of
               the surviving corporation immediately after the merger or (ii)
               any sale, lease, exchange or other transfer (in one transaction
               or a series of related transactions) of all, or substantially
               all, of the assets of UBI; or

          b.   the stockholders of UBI approved any plan or proposal for the
               liquidation or dissolution of UBI; or

          c.   except for any Employee Stock Ownership Plan of UBI or its
               affiliates, any person (as such term is used in Section 14(d)(2)
               of the Securities Exchange Act of 1934, as amended (the "Exchange
               Act")), shall become the beneficial owner (within the meaning of
               Rule 13d-3 under the Exchange Act) of twenty-five percent (25%)
               or more of UBI's outstanding common stock.

          d.   fifty percent (50%) or more of the outstanding common stock of
               Bank is not owned by UBI (unless the stock not owned by UBI was
               distributed to its shareholders in a reorganization transaction).

11.  Provisions Applicable in the Event of a Change in Control. If within twelve
     (12) months following the effective date of a Change in Control, Employee's
     employment is terminated by Bank (or a successor) for any reason (other
     than for a cause described in subparagraphs 6.a, b, c, d and e) or by
     Employee for any reason, Employee shall continue to receive for twelve (12)
     months thereafter salary payments (at a rate equal to Employee's regular
     base pay in effect immediately prior to such termination) and benefits.

12.  Confidential Information. The confidentiality provisions are a material
     part of the consideration relied upon by Bank in entering into this
     Contract:

          a.   In connection with Employee's employment with Bank, Employee will
               have access to information or materials of both Bank and UBI that
               are considered trade secret, confidential and/or proprietary
               ("Information"). Information includes, but is not limited to,
               compilations of data, strategic plans, sales and marketing plans,
               customer and supplier information, financial information, and
               proposed agreements, and applies to such Information whether
               communicated orally, in writing, electronically, or by any other
               means.

          b.   Information created by Employee during Employee's employment with
               Bank that relates to the business of Bank and/or UBI and its
               subsidiaries (or prospective business opportunities), or uses by
               Bank, UBI and/or its subsidiaries of Information created with
               resources of Bank, UBI and/or its subsidiaries (including staff,
               premises and equipment), belongs to Bank and/or UBI. The term
               "Information" includes copyrightable works of original authorship
               (including but not limited to reports, analyses, and
               compilations, business plans, new product plans), ideas,
               inventions (whether patentable or not), know-how, processes,
               trademarks and other intellectual property. All works of original
               authorship created during Employee's employment are "works for
               hire" as that term is used in connection with the U.S. Copyright
               Act. Employee hereby assigns to Bank all rights, title and
               interest in work product, including copyrights, patents, trade
               secrets, trademarks and know-how.

          c.   Employee shall use Information only for the benefit of Bank, UBI
               and/or its subsidiaries and not for Employee's own benefit.
               Employee shall not take Information or the materials of Bank, UBI
               and/or its subsidiaries upon termination of Employee's
               employment.

          d.   Information shall be disclosed and used only by staff members of
               Bank, UBI and/or its subsidiaries who have a need to access it in
               order to do their jobs, shall be maintained in secure physical
               locations, and shall not be disclosed to any other company or
               person except in connection with the business activities of Bank,
               UBI and/or its subsidiaries.

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          e.   The confidentiality provisions of this Contract survive
               termination of the employment relationship with Bank and shall
               survive for so long a period of time as the Information is
               maintained by Bank, UBI and/or its subsidiaries as confidential.

13.  Nonsolicitation of Employees and Customers. The following nonsolicitation
     provisions form a material part of the consideration relied upon by Bank in
     entering into this Contract:

          a.   During the term of Employee's employment and for a period of one
               (1) year after Employee's last day of employment, Employee agrees
               not to hire, and not to solicit for hire, any then-current
               employees of Bank, UBI and/or its subsidiaries, or to contact
               them for the purpose of inducing them to leave Bank, UBI and/or
               its subsidiaries.

          b.   During the term of Employee's employment and for a period of one
               (1) year after Employee's last day of employment, Employee agrees
               not to contact any then-current customers of Bank, UBI and/or its
               subsidiaries for the purpose of inducing them to leave Bank, UBI
               and/or its subsidiaries or to discourage them from doing business
               with Bank, UBI and/or its subsidiaries. Employee agrees that, for
               such time period, Employee will not provide the type of services
               he provided under this Contract to any person or business
               customer who was a customer of Bank, UBI and/or its subsidiaries
               at the time of Employee's departure.

14.  Noncompete. Bank and Employee acknowledge and agree that by virtue of
     his/her past experience in the banking industry and his/her knowledge of
     the business of Bank, UBI and its subsidiaries, Employee is uniquely
     qualified to successfully compete with Bank, UBI and/or its subsidiaries.
     In recognition of these circumstances, and in consideration of Bank's
     continued employment of Employee in accordance with the terms of this
     Contract, Employee covenants and agrees that he/she will not, during the
     term of this Contract and one (1) year thereafter, engage in the counties
     of Lenawee and/or Washtenaw in any business which is competitive with a
     business then regularly conducted by Bank, UBI and/or its subsidiaries in
     either or both of said counties; provided, however, that the forgoing
     covenants shall not prohibit the Employee from owning, directly or
     indirectly, one percent (1%) or less of any publicly traded financial
     services corporation.

15.  Enforcement of Contract; Injunctive Relief Attorney Fees and Expenses.
     Employee acknowledges that violation of Sections 12, 13, and 14 of this
     Contract may cause irreparable damage to Bank, UBI and/or its subsidiaries,
     entitling them to injunctive relief and possible money damages. If Employee
     violates this Contract, in addition to all other remedies available to
     Bank, UBI and/or its subsidiaries at law, in equity, and under contract,
     Employee agrees that he/she is obligated to pay all of the costs of
     enforcement of this Contract incurred by Bank, UBI and/or its subsidiaries,
     including attorney fees and expenses. The parties agree that venue
     concerning this Contract shall be Lenawee County, Michigan.

16.  Notice. For purposes of this Contract, notices and all other communications
     provided for in this Contract shall be in writing and shall be deemed to
     have been duly given when delivered or mailed by United States registered
     mail, return receipt requested, postage prepaid, as follows:

          If to UBI:                  If to Employee:
          Chairman of the Board       Gary D. Haapala
          United Bancorp, Inc.        5981 Oak Bend Court
          P.O. Box 248                Howell, MI 48843
          Tecumseh, Michigan 49286

          or such other address as either party may have furnished to the other
          in writing in accordance herewith, except that notices of change of
          address shall be effective only upon receipt.

17.  Miscellaneous Provisions. The following miscellaneous provisions form a
     part of this Contract:

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          a.   Applicable Law. This Contract and the rights of the parties
               hereunder shall be interpreted, construed and performed in
               accordance with the laws of the State of Michigan.

          b.   Entire Agreement. This Contract as it may be modified in writing
               from time to time, constitutes the entire agreement between the
               parties, and supersedes any and all other agreements, oral or in
               writing, with respect to the subject matter contained herein.

          c.   Amendments. This Contract may be altered, amended or modified at
               any time, but only by written agreement executed by the parties
               hereto. No waiver of any provision of this Contract shall be
               valid unless made in writing and signed by the party against whom
               such waiver is sought.

          d.   Section Headings. Any section or paragraph title or caption
               contained in this Contract is for convenience only, and shall not
               be deemed a part of this Contract.

          e.   Invalid Provisions. The invalidity or unenforceability of any
               particular provision of this Contract shall not affect any other
               provision hereof. This Contract shall be construed and enforced
               as if the illegal provision were modified to conform with the
               applicable law, or if such modification is impossible, then as if
               the Contract did not contain the illegal provision.

          f.   Successors and Assigns. This Contract shall be binding upon, and
               shall inure to the benefit of the successors and assigns,
               including purchasers of Bank and/or UBI, and for purposes of
               realizing any benefits payable hereunder to Employee prior to his
               death, the heirs and personal representative of Employee. In no
               event shall Employee assign or delegate any of his rights,
               powers, duties and obligations under this Contract without prior
               written consent of Bank. Such consent shall not unreasonably be
               withheld. Bank shall have the right to assign and delegate any or
               all of its rights, powers, duties and obligations under this
               contract to UBI and/or any of its subsidiaries.

18.  Waiver of Jury Trial. Bank and Employee specifically and knowingly waive
     their rights to a jury trial.

19.  Arbitration. The parties agree that any dispute or controversy arising out
     of or in connection with this Contract shall be resolved by arbitration in
     accordance with the following provisions:

          a.   The arbitration proceeding shall be conducted under the
               Employment Dispute Resolution Rules of the American Arbitration
               Association in effect at the time a demand for arbitration of the
               dispute is made. The decision and award of the arbitrator made
               under the AAA rules shall be exclusive, final and binding on all
               parties, their heirs, representatives, successors and assigns.
               Judgment upon the award rendered by the arbitrator may be
               rendered in any circuit court having jurisdiction of the matter.
               In the event Employee or Bank shall require equitable relief
               prior to the selection of an arbitrator to resolve the dispute,
               either party may seek temporary equitable relief from any court
               having jurisdiction of the dispute, subject to any final relief
               awarded by the arbitrator.

          b.   Limited civil discovery shall be permitted for the production of
               documents and the taking of depositions, provided, however, that
               no party is permitted to take the deposition of more than three
               witnesses except by agreement of the other party or upon order of
               the arbitrator pursuant to the motion of a party. Subject to the
               foregoing limitations, discovery shall be conducted in accordance
               with the Federal Rules of Civil Procedure with any enforcement
               issues resolved by the arbitrator.

          c.   The arbitration and all proceedings, discovery and any award of
               the arbitrator, is confidential. Neither the parties nor the
               arbitrator shall disclose any information gained during the
               course of the arbitration to any person or entity who is not a
               party to the arbitration unless permitted

<PAGE>

               by law. Attendance at the arbitration shall be limited to the
               parties and those called as witnesses.

     IN WITNESS WHEREOF, the parties have executed this Contract, effective as
of the date first above written.

UNITED BANK & TRUST

By: /s/ David S. Hickman                /s/ Gary D. Haapala
    ---------------------------------   ----------------------------------------
    David S. Hickman                    Gary D. Haapala
    Chairman of the Board               Employee

                 SUBSTITUTE PERFORMANCE BY UNITED BANCORP, INC.

     United Bancorp, Inc. ("UBI") agrees that the services Employee performs for
any of its subsidiaries, including the Bank, directly or ultimately redound to
the benefit of UBI. In consideration of these benefits, UBI agrees that insofar
as the Bank, for any reason whatsoever, is unable to perform any obligations
assumed hereunder, UBI shall fully and timely perform the same.

                                        UNITED BANCORP, INC.

                                        By: /s/ David S. Hickman
                                            ------------------------------------
                                            David S. Hickman
                                            Chairman of the Board

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                                  ATTACHMENT A

Employee: Gary D. Haapala               Effective Date: April 1, 2008

Salary Per Annum: $175,000

Variations to Benefits: Country Club dues/assessments paid by Bank if you
purchase membership.

/s/ Gary D. Haapala                     April 8, 2008
-------------------------------------            Date
Gary D. Haapala
"Employee"

/s/ David S. Hickman                    April 8, 2008
-------------------------------------            Date
David S. Hickman
Chairman, United Bank & Trustexv10w1

 

Exhibit 10.1

FIRST SUPPLEMENTAL INDENTURE

     FIRST SUPPLEMENTAL INDENTURE dated as of April 4, 2008 (the “Supplemental Indenture”), between
CALLON PETROLEUM COMPANY, a Delaware corporation (the “Company”), having its principal office at
200 North Canal Street, Natchez, Mississippi 39120, the undersigned Subsidiary Guarantors (herein
so called), and AMERICAN STOCK TRANSFER & TRUST COMPANY, as trustee (the “Trustee”).

     WHEREAS, there has heretofore been executed and delivered to the Trustee an Indenture dated as
of March 15, 2004 between the Company, the Subsidiary Guarantors and the Trustee (as the same may
have been amended or supplemented from time to time by one or more indentures supplemental thereto
entered into pursuant to the applicable provisions thereof, the “Indenture”), providing for the
issuance of the Company’s 9.75% Senior Notes due 2010, Series B (the “Securities”);

     WHEREAS, there are now outstanding under the Indenture Securities in the aggregate principal
amount of $200,000,000;

     WHEREAS, Section 9.2 of the Indenture provides that the Company and the Trustee may amend the
Indenture with the written consent of the Holders (as defined in the Indenture) of at least 75% in
principal amount of the Securities then outstanding, or with respect to certain amendments, with
the consent of the Holder of each outstanding Security;

     WHEREAS, the Company desires to amend certain provisions of the Indenture, as set forth in
Article II hereof;

     WHEREAS, the Company has received consents from Holders of at least 75% of the outstanding
Securities (“Consenting Holders”) to the amendments to the Indenture set forth herein;

     WHEREAS, all matters necessary to make this Supplemental Indenture a valid agreement, in
accordance with its terms, have been done.

     NOW THEREFORE, this Supplemental Indenture witnesseth that, for and in consideration of the
premises, the Company and the Trustee agree as follows for the equal and ratable benefit of the
Holders of the Securities:

ARTICLE I

EFFECTIVENESS

     SECTION 1.1. Effectiveness. This Supplemental Indenture shall become effective as of the date
hereof.

ARTICLE II

AMENDMENTS TO INDENTURE

     SECTION 2.1. Amendments to Indenture.

     (a) Clause (y) of the proviso at the end of the definition of “Debt” in Section 1.1 of the
Indenture is hereby amended in its entirety to read as follows:

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     “(y) any debt arising in connection with a Permitted Medusa Transaction or a Permitted
Entrada Transaction, or”

     (b) Clause (b) of the definition of “Interest Expense” in Section 1.1 of the Indenture is
hereby amended in its entirety to read as follows:

     “(b) imputed interest expense attributable to any production payment, project financing
by vendors and other non-recourse debt, but not including any amounts arising out of a
Permitted Medusa Transaction or a Permitted Entrada Transaction”;

     (c) Clause (n) of the definition of “Permitted Investment” in Section 1.1 of the Indenture is
hereby amended in its entirety to read as follows:

“(n) any Investment arising from or related to a Permitted Medusa Transaction, or a
Permitted Entrada Transaction; and”

     (d) Clause (a) of the definition of “Unrestricted Subsidiary” in Section 1.1 of the Indenture
is hereby amended in its entirety to read as follows:

“(a) Callon Entrada Company and any other Subsidiary of the Company that at the time
of determination shall be designated an Unrestricted Subsidiary by the Board of
Directors of the Company in the manner provided below; and”

     (e) A new definition of “Entrada Assets” is hereby added to Section 1.1 of the Indenture, such
new definition to be inserted in appropriate alphabetical order and to read in its entirety as
follows:

“‘Entrada Assets’ means all Oil and Gas Properties owned by the Company or any of
its Subsidiaries and located on, under or related to Garden Banks Blocks 738, 782,
785, 826, and 827 in the federal offshore waters of the Gulf of Mexico, subject to
certain depth limits, and any and all related equipment, accounts receivable,
general intangibles and other assets related thereto and any proceeds therefrom.”

     (f) A new definition of “Permitted Entrada Transaction” is hereby added to Section 1.1 of the
Indenture, such new definition to be inserted in appropriate alphabetical order and to read in its
entirety as follows:

“ ‘Permitted Entrada Transaction’ means (i) the sale, conveyance and assignment by
the Company or any of its Subsidiaries of a portion of the Entrada Assets to a third
party in a transaction which otherwise complies with the requirements of Section
3.14(a), (ii) the contribution by the Company or any of its Restricted Subsidiaries
of all or any portion of its ownership interests in the Entrada Assets, to a newly
formed Unrestricted Subsidiary, Callon Entrada Company, which contribution may occur
either prior to, contemporaneously with or after the sale, conveyance and assignment
contemplated in the immediately preceding clause (i), which Unrestricted Subsidiary
and/or its assets may be managed under one or more management services agreements,
contract operating agreements or similar agreements with the Company or any of its
Restricted Subsidiaries, (iii) the incurrence by Callon Entrada Company of Debt, the
proceeds of which are to be used to fund the costs and expenses incurred to develop
and/or produce its interests in the Entrada Assets, such Debt to be non-recourse to
the Company and its Restricted Subsidiaries except to the extent of the indemnities
and/or performance guaranties described in clause (vi) below,

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(iv) the
granting of Liens on (w) the Entrada Assets, (x) all other assets of Callon Entrada
Company, (y) the equity interests of Callon Entrada Company, and/or (z) any deposit
accounts established and maintained to hold any loan proceeds of such Debt pending
disbursement and/or any revenues and proceeds of production or other amounts
attributable to the Entrada Assets, in each case to secure such Debt, and (v) the
contribution or advance by the Company or any of its Restricted Subsidiaries of
additional cash or other assets to Callon Entrada Company from time to time not to
exceed, in the aggregate at any time outstanding, the sum of (A) $10,000,000, plus
(B) other contributions or advances arising from or deemed to exist as a result of
the payment and performance by the Company or any of its Restricted Subsidiaries of
any of their respective obligations under clause (vi) of this definition, and (vi)
the indemnification of any Person against loss from the failure of Callon Entrada
Company to comply with, or the guarantee by the Company or any Restricted Subsidiary
of performance by Callon Entrada Company of, its obligations arising under or
related to the documents and agreements evidencing or governing its Debt or relating
to the development and operations of its assets (other than the obligation of Callon
Entrada Company to repay the principal and interest of the Debt described in clause
(iii) of this definition) by the Company or any of its Restricted Subsidiaries.”

     (g) The proviso at the end of Section 3.17 of the Indenture is hereby amended to read in its
entirety as follows:

          “; provided, however, that notwithstanding the provisions of this Section 3.17, the
Company may engage in any Permitted Medusa Transaction or Permitted Entrada Transaction.”

     (h) Section 3.23 of the Indenture is hereby amended in its entirety to read as follows:

     “Section 3.23 Permitted Medusa Transactions; Permitted Entrada Transaction.
Notwithstanding anything in this Indenture to the contrary, so long as no Default or Event
of Default has occurred and is continuing at the time the Company or any of its Subsidiaries
enters into any Permitted Medusa Transaction or Permitted Entrada Transaction, the entering
into and carrying out of such Permitted Medusa Transaction or Permitted Entrada Transaction,
as applicable, shall be allowed hereunder and shall not in itself constitute a breach of,
non-compliance with, or Default or Event of Default under this Indenture.”

ARTICLE III

MISCELLANEOUS

     SECTION 3.1 Instruments To Be Read Together. This Supplemental Indenture is an indenture
supplemental to and in implementation of the Indenture, and said Indenture and this Supplemental
Indenture shall henceforth be read together.

     SECTION 3.2 Confirmation. The Indenture as amended and supplemented by this Supplemental
Indenture is in all respects confirmed and preserved.

     SECTION 3.3 Terms Defined. Capitalized terms used in this Supplemental Indenture and not
otherwise defined herein shall have the respective meanings set forth in the Indenture.

     SECTION 3.4 Headings. The headings of the Articles and Sections of this Supplemental
Indenture have been inserted for convenience of reference only, and are not to be considered a part
hereof and shall in no way modify or restrict any of the terms and provisions hereof.

-3-

 

     SECTION 3.5 Governing Laws. This Supplemental Indenture shall be governed by, and construed
in accordance with, the laws of the State of New York.

     SECTION 3.6 Multiple Originals. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. One signed copy is enough to prove this Supplemental Indenture.

     SECTION 3.7 Compliance with the Trust Indenture Act. This Supplemental Indenture shall be
interpreted to comply in every respect with the Trust Indenture Act of 1939, as amended (the
“TIA”). If any provision of this Supplemental Indenture limits, qualifies or conflicts with the
duties imposed by the TIA, the imposed duties shall control.

     SECTION 3.8 Responsibility of Trustee. The recitals contained herein shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture,
except that the Trustee is duly authorized to execute and deliver this Supplemental Indenture.

[signature page follows]

-4-

 

IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly
executed, all as of the date first written above.

	 	 	 	 	 
	 	/s/ CALLON PETROLEUM COMPANY

 
	 	Subsidiary Guarantors: 	 
	 
	 	/s/ CALLON PETROLEUM OPERATING COMPANY

 
	 	/s/ CALLON OFFSHORE PRODUCTION, INC.

 
	 	/s/ MISSISSIPPI MARKETING, INC.

 
	 	/s/ AMERICAN STOCK TRANSFER & TRUST COMPANY, as Trustee

 

-5-

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