CALGARY, June 17 /CNW/ - Calvalley Petroleum Inc. (TSX: CVI.A)
Calvalley Petroleum Inc. ("Calvalley") is pleased to announce that it has
successfully finalized an agreement with the Ministry of Oil and Mineral
Resources of the Republic of Yemen and the third party operator of Block 18
and the export facilities. The agreement will allow Calvalley to produce all
oil from Block 9 and transport a blended crude having a specification equal to
or better than 26 degree API. This agreement will enable Calvalley to commence
production from the Roidhat field, which will be blended with the lighter oil
produced from other fields in the Block. The Roidhat field, with estimated
production capability of 10,000 bbls/d once fully developed, was shut in
pending the conclusion of this agreement.
As previously announced, Calvalley solicited tenders from qualified
Engineering firms to carry out the Engineering, Procurement and Construction
Management of the pipeline project from Block 9 to connect to a third party
pipeline system for the export of crude oil production. Calvalley is pleased
to announce that the tender has been awarded to Veco Engineering from UAE to
work together with Calvalley's technical team to expedite the process of
design, procurement and construction.
Calvalley expects to commence the construction of a 16 inch pipeline,
having a capacity of approximately 87,000 barrels per day, prior to the year
end 2008. Commissioning of the pipeline is expected by mid-2009.
Calvalley Petroleum Inc. is an international junior oil and gas company
based in Calgary, Alberta. The company has an operated 50% working interest in
Block 9, located in the Masila Basin of the Republic of Yemen.
Calvalley is listed on the Toronto Stock Exchange, trading under the
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. 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.
For further information:
For further information: firstname.lastname@example.org,
Edmund Shimoon, CEO, Memet Kont, COO, (403) 297-0490