CALGARY, March 15, 2013 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") (TSX:CVI.A) is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted its notice to make a normal course issuer bid ("NCIB") to purchase outstanding Class A Common Shares ("Common Shares") on
the open market, in accordance with the rules of the TSX.
As per the TSX approval, Calvalley is authorized and intends to purchase
up to 4,523,626 Common Shares representing 10% percent of the public
float of Common Shares of Calvalley. Unless Calvalley is utilizing a
Block Purchase Exemption, as permitted by the TSX, purchases are
subject to a daily purchase restriction equal to 25% of the average
daily trading volume of the Common Shares over the past six calendar
months, or a maximum of 26,680 Common Shares per trading day. As of
March 15, 2013, there are 79,365,826 Common Shares outstanding.
Calvalley is authorized to make purchases during the period of March 19,
2013 to March 18, 2014 or until such earlier time as the NCIB is
completed or terminated at the option of Calvalley. Any Common Shares
Calvalley purchases under the NCIB will be purchased on the open market
through the facilities of the TSX at the prevailing market price at the
time of the transaction. Common Shares acquired under the NCIB will be
Calvalley's Board of Directors believes, from time to time, the market
price of its Common Shares may not reflect their underlying value. The
Company acquired 1,774,524 Common Shares at an average cost of $1.57
per Common Share under its previous NCIB which expired on October 11,
2012. On March 5, 2013, pursuant to an Offer to Purchase and Issuer Bid
Circular dated January 22, 2013, the Company acquired 15,000,000 Common
Shares at a price of $2.45 per Common Share.
About Calvalley Petroleum Inc.
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.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains forward-looking statements. All statements
other than statements of historical fact contained in this press
release are forward-looking statements. You can identify many of these
statements by looking for words such as "believes", "expects", "will",
"intends", "projects", "anticipates", "estimates", "continues" or
similar words or the negative thereof. There can be no assurance that
the plans, intentions or expectations upon which these forward-looking
statements are based will occur. Forward-looking statements are subject
to risks, uncertainties and assumptions, including, but not limited to,
those discussed elsewhere in this press release. There can be no
assurance that such expectations will prove to be correct. 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