CALGARY, Feb. 28, 2012 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or
the "Company") is pleased to report that it has resumed operations at
Block 9, Republic of Yemen.
Trucking of crude oil for export from the Company's central processing
facility ("CPF") in Block 9 to the truck offloading facility ("TOF") at
Block 51 resumed this morning with a total shipment of approximately
14,000 barrels from the current inventory of 55,000 barrels of crude
oil stored at the CPF. Trucking of crude oil from the CPF to the TOF
was suspended earlier this month due to increased security risks within
the Masila area, and constraints resulting from the work stoppage at
the PetroMasila operated export facility.
Production operations at Calvalley's Hiswah and Ras Nowmah fields are
returning to normal. The Company is currently scheduling the resumption
of production at the Al Roidhat field over the next few days.
The Company plans to resume drilling operations within the next few
weeks, consistent with the improved security situation and a return to
a stable environment.
Calvalley management wishes to recognize the Minister of Oil and the
local authorities for their assistance in resolving the local security
issues and for their support in establishing an environment under which
operations can be performed without interruption. The interests of all
parties are aligned to maximize production volumes and resume
development and exploration drilling programs.
The Company is planning to release information in respect of its 2011
financial results by March 9, 2012.
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.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 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, 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.
Forward-looking statements and other information contained herein
concerning the oil and gas industry and Calvalley's general
expectations concerning this industry are based on estimates prepared
by management using data from publicly available industry sources as
well as from reserve reports, market research and industry analysis and
on assumptions based on data and knowledge of this industry which
Calvalley believes to be reasonable. However, this data is inherently
imprecise, although generally indicative of relative market positions,
market shares and performance characteristics. While Calvalley is not
aware of any misstatements regarding any industry data presented
herein, the industry involves risks and uncertainties and is subject to
change based on various factors.
SOURCE Calvalley Petroleum Inc.
For further information:
firstname.lastname@example.org or +1 (403) 297-0490
Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO