CALGARY, July 19, 2012 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or
the "Company") provides the following update for shareholders.
The Company is pleased to report the resumption of production from the
Al Roidhat field.
Throughout this year Calvalley has been in discussions with the
government, military and local authorities with the objective of
restoring production in the Al Roidhat area. On July 17, 2012 these
discussions resulted in arrangements being finalized for military
support to enable the Company's operations at Al Roidhat to resume.
Preparatory work to restore production began on July 18, 2012 and
production from three wells was restored on July 19, 2012. A total of
five wells at Al Roidhat are expected to have production restored in
the foreseeable future with overall production capability expected in
the 1,200 -1,500 bpd range.
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 and its 100%
working interest in the Metema Block of the Blue Nile Basin, in The
Republic of Ethiopia.
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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 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, operational risks, potential
delays or changes in plans with respect to exploration or development
projects, 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.
SOURCE Calvalley Petroleum Inc.
For further information:
firstname.lastname@example.org or +1 (403) 297-0490
Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO