CALGARY, Aug. 10 /CNW/ - Calvalley Petroleum Inc. (TSX: CVI.A)
Calvalley Petroleum Inc. ("Calvalley" or the "Company"), is pleased to announce that it has taken the first step toward building its core operational and technical team in the regions where it operates. Calvalley has successfully established its offices by receiving two commercial licenses from the Government of the United Arab Emirates ("UAE"); one for Trading in Oil and Gas Products and in Upstream Oil and Gas Exploration and one for having an operating office in Sharjah Airport International free zone. The company has commenced the process of staffing with technical and operational professionals to provide the necessary day to day support to the operation in the region. This will alleviate the operational challenges arising from the time-zone difference between Calgary and the operational regions.
Calvalley is also pleased to announce that as a part of re-organization resulting from its growth strategy, the following individuals have been internally promoted due to their strong contributions:
Ms. Galina Markarova, Ph.D., has been appointed to the position of Geosciences Manager and will be responsible for all Geological and Geophysical activities of Company and its wholly owned subsidiaries. Ms. Markarova, has been with the company for over six years and one of the key players in the exploration and development success of Block 9. She has played a leading role in initial geological and geophysical work in Ethiopia.
Mr. Zacharie Magnan, CA, has been appointed to the position of V.P. Finance and acting CFO stationed in Calgary Office. Mr. Magnan has been with Calvalley for almost two years in the capacity accounting manager. Mr. Bill Cummins, the current CFO, will be leaving the company to pursue other opportunities. We thank Mr. Cummins for his contributions and wish him the best in his future endeavour.
Mr. Nadim Iqbal has been appointed to the position of V.P. Finance of Calvalley Petroleum (Cyprus) Ltd. Mr. Iqbal has been Finance Manager of our subsidiary company in the Republic of Yemen and responsible for all our joint venture accounting. Mr. Iqbal brings a wealth of oil and gas accounting and finance experience from the region.
Calvalley Petroleum is an international oil and gas company based in Calgary, Alberta. The Company operates its 50% working interest in Block 9 in the Masila Basin of the Republic of Yemen and 100% working interest in the Gimbi and Metema Blocks in Ethiopia.
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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. These forward-looking statements are made as of the date hereof.
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: For further information: Edmund Shimoon, Chairman and CEO, firstname.lastname@example.org; Memet Kont, President and COO, Bill Cummins, CFO, (403) 297-0490