Calvalley Petroleum Inc. - Restatement of 2007 Interim Reports

    Calvalley Petroleum Inc. (TSX: CVI.A)

    CALGARY, July 4 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the
"Company") reports that it has filed amended and restated unaudited financial
statements, including CEO and CFO Certifications and Management's Discussion
and Analysis, for the quarters ending March 31, 2007, June 30, 2007 and
September 30, 2007. While the restatement adjustments change the Company's
previously reported results of operations in each of the individual interim
reporting periods during 2007, there was no impact on the audited financial
statements filed for the year ended December 31, 2007. As well, the March 31,
2008 filings have been amended to reflect the restated comparative figures
presented for the prior quarters.
    The Company refiled its unaudited interim financial statements to reflect
certain adjustments required to comply with the new CICA Handbook Section
1530, Comprehensive Income, and the correction of the application of the
temporal method in translating the financial statements of the Canadian parent
to US dollars. Corrections and additional accruals were also recorded for the
quarter ended March 31, 2007 relating to start-up operations and capital
investment expenditures.

    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
symbol "CVI.A".


    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.

    %SEDAR: 00001745E

For further information:

For further information: please contact:, Edmund Shimoon, CEO, Memet Kont,
COO, Bill Cummins, CFO, (403) 297-0490

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Calvalley Petroleum Inc.

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