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<CONFORMED-NAME>SCULLY JOHN H
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<FORMER-NAME>
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<DATE-CHANGED>19970916
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<CONFORMED-NAME>SAN FRANCISCO PARTNERS LP
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<STREET1>591 Redwood Highway
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<ZIP>94941
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<MAIL-ADDRESS>
<STREET1>591 Redwood Highway
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<SEQUENCE>1
<FILENAME>rrd311463.xml
<DESCRIPTION>WEO RSU'S 5.11.11
<TEXT>
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        <issuerTradingSymbol>CPN</issuerTradingSymbol>
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            <rptOwnerCik>0001202553</rptOwnerCik>
            <rptOwnerName>SCULLY JOHN H</rptOwnerName>
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    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2011-05-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>5451</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>93999691</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
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    <footnotes>
        <footnote id="F1">Represents award of restricted stock units pursuant to Calpine Corporation's 2008 Director Incentive Plan.  The award vests on the earlier to occur of (i) the first anniversary of the grant date or (ii) the day immediately preceding the date of the 2012 annual meeting of stockholders.  The shares become payable on the earliest to occur of (i) the reporting person's elected distribution date, (ii) the consummation of a change in control, or (iii) upon termination of service on the board of directors.  Each restricted stock unit represents a contingent right to receive one share of Calpine Corporation common stock.  The restricted stock units are payable solely in common stock.  This award of restricted stock units was made to William E. Oberndorf  (&quot;WEO&quot;) as a Director of the Issuer.</footnote>
        <footnote id="F2">Pursuant to the partnership agreement governing SPO Partners II, L.P. (&quot;SPO Partners&quot;), these units and profits arising therefrom, may be deemed to be beneficially owned by SPO Partners, and certain of it's affiliates.  Additionally, WEO owns 34,900 shares in his IRA, which is self-directed.</footnote>
        <footnote id="F3">Additionally, 85,541,939 shares of the Issuer's common stock are owned directly by SPO Partners, and may be deemed to be indirectly beneficially owned by (i) SPO Advisory Partners, L.P. (&quot;SPO Advisory&quot;), the sole general partner of SPO Partners, (ii) SPO Advisory Corp. (&quot;SPO Corp.&quot;), the sole general partner of SPO Advisory, and (iii) John H. Scully (&quot;JHS&quot;), WEO and Edward H. McDermott (&quot;EHM&quot;), the three controlling persons of SPO Corp.  Additionally, 3,266,901 shares of the Issuer's common stock are owned directly by San Francisco Partners, L.P. (&quot;SF Partners&quot;), and may be deemed to be indirectly beneficially owned by (i) SF Advisory Partners, L.P. (&quot;SF Advisory&quot;), the sole general partner of SF Partners, (ii) SPO Corp., the sole general partner of SF Advisory, and (iii) JHS, WEO and EHM, the three controlling persons of SPO Corp.</footnote>
        <footnote id="F4">Additionally, 5,150,500 shares of the Issuer's common stock are owned directly by SPO Partners II Co-Investment Partnership, L.P. (&quot;SPO Co-Invest&quot;), and may be deemed to be indirectly beneficially owned by (i) SPO Advisory, the sole general partner of SPO Co-Invest, (ii) SPO Corp., the sole general partner of SPO Advisory, and (iii) JHS, WEO and EHM, the three controlling persons of SPO Corp.  Additionally, JHS owns 6,100 shares of the Issuer's common stock in his IRA, which is self-directed.  Additionally, EHM owns 6,800 shares of the Issuer's common stock in his IRA, which is self-directed.</footnote>
    </footnotes>

    <remarks>The persons listed in the Notes above (each a &quot;Reporting Person&quot;) may be deemed to form a &quot;group&quot;, as such term is defined in Rule 13d-5(b)(1) promulgated under the Securities Exchange Act of 1934, for purposes of this filing.  This filing shall not be deemed as an admission by any Reporting Person that such person is, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the beneficial owner of any equity securities covered by this statement.  Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of such person's pecuniary interest, if any, therein.</remarks>

    <ownerSignature>
        <signatureName>Kim M. Silva</signatureName>
        <signatureDate>2011-05-13</signatureDate>
    </ownerSignature>
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