CALGARY, Sept. 5, 2013 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") recently completed the drilling of the Sueda prospect.
The well was drilled to a total depth of 1,970 meters targeting the Qishn, Saar, and Basement formations. The well encountered oil shows in the primary objective - Qishn Clastics. Based on the drilling results and independent petrophysical evaluation, the well will not produce commercial volumes of hydrocarbons, accordingly, the well is being suspended for future use as a water injection well. Although the well did not encounter commercial reserves of crude oil, the results confirm the presence of a high quality reservoir in the Qishn Clastics formation. The Company will continue to target potential structures that exhibit trap, migration and seal characteristics.
The Sueda prospect was the fourth of five prospects identified on the plateau. The Company is currently planning to move the drilling rig to the fifth prospect identified on the plateau at Al Hedba.
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. In particular, statements relating to the drilling of the Al Hedba prospect contain forward looking information. 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, 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.
For further information:
[email protected] or +1 (403) 297-0490
Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO