CALGARY, Nov. 19, 2013 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or
the "Company") provides an update on the drilling of the Al Hedba
Drilling operations encountered faults at various depths during the
drilling of the Al Hedba prospect and the well has been plugged and
suspended, without reaching the target depth, due to the significant
risks to both staff and equipment of continuing drilling operations.
The target depth of the well was 1,681 meters and drilling operations
were suspended at a depth of 1,274 meters. Due to the highly faulted
nature of area the Company has suspended the wellbore and plans to
drill the prospective structure from a new surface location.
The Company plans to utilize the drilling rig for two appraisal wells,
one at Ras Nowmah and one at Ras Nowmah South.
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. In particular,
statements in respect to the future drilling plans for appraisal wells
at Ras Nowmah and Ras Nowmah South contain forward looking information.
Forward-looking statements involve significant risk and uncertainties.
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 securities law.
SOURCE: Calvalley Petroleum Inc.
For further information:
firstname.lastname@example.org or +1 (403) 297-0490
Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO