Calvalley Petroleum Inc., (TSX: CVI.A) provides operations update.
CALGARY, July 19, 2012 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") provides the following update for shareholders.
The Company is pleased to report the resumption of production from the Al Roidhat field.
Throughout this year Calvalley has been in discussions with the government, military and local authorities with the objective of restoring production in the Al Roidhat area. On July 17, 2012 these discussions resulted in arrangements being finalized for military support to enable the Company's operations at Al Roidhat to resume.
Preparatory work to restore production began on July 18, 2012 and production from three wells was restored on July 19, 2012. A total of five wells at Al Roidhat are expected to have production restored in the foreseeable future with overall production capability expected in the 1,200 -1,500 bpd range.
Calvalley is an international oil and gas company, with offices in Calgary, Alberta, Canada, that operates its 50% working interest in Block 9 of the Masila Basin, in The Republic of Yemen and its 100% working interest in the Metema Block of the Blue Nile Basin, in The Republic of Ethiopia.
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This press release may contain forward-looking statements including, without limitation, financial and business prospects and financial outlooks, and such statements may be forward-looking statements which reflect management's expectations regarding future plans and intentions, growth, results of operations, performance and business prospects and opportunities. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", and similar expressions may have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, operational risks, potential delays or changes in plans with respect to exploration or development projects, changes in general economic and market conditions and other risk factors. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements.
For further information:
email@example.com or +1 (403) 297-0490
Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO