CALGARY, Jan. 6, 2014 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or
the "Company") provides the following operations update for
Recent disruptions in the Hadramout province have impacted crude oil
pipeline shipments and crude oil trucking operations in the area,
including Calvalley at Block 9.
Calvalley is managing its production operations at Block 9 consistent
with its capability to transport its crude oil production. The Company
shut down production from the Al Roidhat field in late December and
production from both the Hiswah and Ras Nowmah fields have now been
shut down as a result of crude oil storage tanks being full.
Calvalley management and staff are working closely with the government
of Yemen and local officials to resolve the concerns of locals in the
region of Block 9 and to return production operations to normal. The
Company believes these concerns can be resolved in a timely manner.
The disruptions to the crude oil transportation network are localized
and do not impact either production capability or drilling operations.
The Company currently has one drilling rig active. The drilling rig is
currently drilling an appraisal well at Ras Nowmah South and results
from the drilling operation will be released when they become
available. The forward drilling plan includes drilling an appraisal
well in the Ras Nowmah field and then to drill water injection wells in
the Hiswah field for implementation of the pressure maintenance scheme.
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 information. Words such
as "may", "will", "should", "could", "anticipate", "believe", "expect",
"intend", "plan", "potential", "continue", and similar expressions may
have been used to identify this forward-looking information. These
statements reflect management's current beliefs and are based on
information currently available to management. In particular,
information relating to the drilling of the Ras Nowmah South well, the
forward drilling plan and resolving concerns of locals contain forward
looking information. Forward-looking information can involve
significant risk and uncertainties. A number of factors could cause
actual results to differ materially from the results discussed in the
forward-looking information including, but not limited to, 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 information contained herein
is based upon what management believes to be reasonable assumptions,
management cannot assure that actual results will be consistent with
this forward-looking information. Investors should not place undue
reliance on forward-looking information. The forward-looking statements
contained herein are expressly qualified in their entirety by this
cautionary statement. The forward-looking information included in this
press release is made as of the date of this press release and
Calvalley assumes no obligation to update or revise it 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