CALGARY, May 7, 2013 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or
the "Company") is pleased to announce results from the drilling of its
Ras Nowmah South exploration prospect.
The well was drilled to a total depth of 1,530 meters and intersected
the Qishn formation, on prognosis, at 1,369 meters. Based on drilling
and petro-physical data, the well encountered 15 meters of gross oil
pay (10.5 meters net) with 25 percent porosity in the Qishn formation.
The well has been equipped with a down-hole pump and placed on
production at a restricted rate of approximately 250 barrels per day of
crude oil. Initial field tests of oil quality estimate the crude oil
gravity at 19 degrees, which is to be confirmed by laboratory analysis.
Consistent with other Qishn wells, the well will require some time to
clean-up before diverting production to the central treating facility.
The Company is pleased with the results from this well, and plans to
drill an appraisal well in the reservoir in order to establish the size
of the new pool. Further details on the production capacity of this
well will be released when the information is available.
The drilling rig is being moved to the next prospect on the plateau, Ras
Nowmah North. It is anticipated that the Ras Nowmah North prospect,
barring unforeseen circumstances and delays, will spud in the next two
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.
This press release may contain forward-looking statements. 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, estimates of reserves and production, operational risks,
availability of supplies and services, potential delays or changes in
plans with respect to exploration or development projects or capital
expenditures, delays and interruptions in drilling and completion
activities for undetermined periods, success in drilling activities,
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. The forward-looking statements
contained herein are expressly qualified in their entirety by this
cautionary statement. The forward-looking statements included in this
press release are made as of the date of this press release and
Calvalley assumes no obligation to update or revise them to reflect new
events or circumstances except as expressly required by applicable
SOURCE: Calvalley Petroleum Inc.
For further information:
email@example.com or +1 (403) 297-0490
Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO