CALGARY, April 12 /CNW/ - Calvalley Petroleum Inc. (TSX: CVI.A)
Calvalley Petroleum Inc. ("Calvalley" / "Company") is pleased to
announce that it has commenced delivery of Block 9 production of crude
oil into the Masila Export Pipeline System ("MEPS") through the
Company's Truck Offloading Facilities ("TOF") located at Block 51.
Current deliveries utilize existing space in the Block 51 metering
system. This temporary arrangement will be in place until early May
when the Company's own metering system will be fully functional.
With the initiation of operations at the TOF, Calvalley is a now able to
begin production of the first commercial oil from the Ras Nowmah and Al
Roidhat fields, into the MEPS.
As well, and despite the unsettled security environment in Yemen,
Calvalley continues its activities, as close to normal as possible,
with two drilling rigs and one service rig in operation.
Completion of the TOF is a major milestone in Calvalley's program of
increasing production, by bringing significant volumes of shut-in
production on line, takes advantage of higher oil prices and market
accessibility provided by the MEPS. As a result, all of Calvalley's
blended crude oil will receive the Masila Blend price which is
benchmarked to Brent Crude pricing.
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. Calvalley also
operates its 100% working interest in the Gimbi and Metema Blocks 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
Zacharie Magnan, Vice-President, Finance and Acting CFO