Calvalley Petroleum Inc., (TSX: CVI.A) announces declaration of special dividend

CALGARY, Aug. 18, 2014 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") (TSX: CVI.A) announces that the Board of Directors has declared a special dividend of Cdn$0.07 per common share payable to shareholders of record on August 29, 2014. The special dividend is designated as an "eligible dividend" under the Income Tax Act (Canada) and will be paid in cash on September 15, 2014.

About Calvalley Petroleum Inc.

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.

Forward-looking Information
Certain statements contained in this release constitute forward-looking information.  These statements relate to future events or Calvalley's future performance.  The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Calvalley's current belief or assumptions as to the outcome and timing of such future events.  Actual future results may differ materially.  In particular, Calvalley's stated intention to pay a special dividend contains forward looking information.  Calvalley's annual information form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, uncertainties and other factors, such as changes in business plans and potential delays or changes in plans with respect to development projects or capital expenditures, that could influence actual results.  Calvalley disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities


SOURCE Calvalley Petroleum Inc.

For further information:

investorrelations@calvalleypetroleum.com or +1 (403) 297-0490
Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO