CALGARY, May 7, 2013 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") is pleased to announce results from the drilling of its Ras Nowmah South exploration prospect.
The well was drilled to a total depth of 1,530 meters and intersected the Qishn formation, on prognosis, at 1,369 meters. Based on drilling and petro-physical data, the well encountered 15 meters of gross oil pay (10.5 meters net) with 25 percent porosity in the Qishn formation.
The well has been equipped with a down-hole pump and placed on production at a restricted rate of approximately 250 barrels per day of crude oil. Initial field tests of oil quality estimate the crude oil gravity at 19 degrees, which is to be confirmed by laboratory analysis. Consistent with other Qishn wells, the well will require some time to clean-up before diverting production to the central treating facility.
The Company is pleased with the results from this well, and plans to drill an appraisal well in the reservoir in order to establish the size of the new pool. Further details on the production capacity of this well will be released when the information is available.
The drilling rig is being moved to the next prospect on the plateau, Ras Nowmah North. It is anticipated that the Ras Nowmah North prospect, barring unforeseen circumstances and delays, will spud in the next two weeks.
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 statements. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", and similar expressions may 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, estimates of reserves and production, 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 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. 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.
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Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO