CALGARY, May 14, 2013 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") announces the voting results of the Annual and Special Meeting of Shareholders held on Monday, May 13, 2013. The results of the vote on the election of director nominees were as follows:
|Votes For (%)|
|Thomas E. Valentine||96.09%|
|Bernard P. de Combret||96.18%|
Each of the above nominees were elected.
At the meeting the shareholders also approved a motion setting the number of directors at six and appointing Deloitte LLP as auditors of the Corporation for the ensuing year. An additional item of business was the approval of the unallocated stock options ("Options") under the Company's Stock Option Plan (the "Option Plan"). While a majority of Calvalley's shareholders supported the resolution to approve the unallocated Options, Calvalley was required (pursuant to the rules of the Toronto Stock Exchange) to obtain disinterested shareholder approval (which excludes insiders who are entitled to benefits under the Option Plan). On this basis, the resolution approving all unallocated Options under the Option Plan did not pass.
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.
SOURCE: Calvalley Petroleum Inc.
Edmund Shimoon, Chairman & CEO
Gerry Elms, CFO +1 (403) 297-0490