CALGARY, June 2, 2014 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") provides the following operations update for shareholders.
The Company is pleased to announce that production operations at Block 9 are being resumed as storage capacity at the central processing unit ("CPF") becomes available.
The Company has been informed by the operator of Block 18 that the oil pipeline between Block 18 and the Ras Isa Terminal on the Red Sea has been repaired. Trucking of crude oil to Block 18 was reinstated effective May 31, 2014.
Truck shipments were suspended by the operator of Block 18 on May 14, 2014. During the period May 15, 2014 to May 31, 2014 the Company produced approximately 14,000 barrels of crude oil. The Company will be resuming production operations at Hiswah, Ras Nowmah and Ras Nowmah South as soon as storage capacity is made available.
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 information. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", and similar expressions may have been used to identify this forward-looking information. These statements reflect management's current beliefs and are based on information currently available to management. In particular, information relating to crude oil inventory capacity, and the resumption of production operations contain forward looking information. Forward-looking information can involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information 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, access to crude oil marketing facilities, changes in general economic and market conditions and other risk factors. Although the forward-looking information contained herein is based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with this forward-looking information. Investors should not place undue reliance on forward-looking information. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking information included in this press release is made as of the date of this press release and Calvalley assumes no obligation to update or revise it to reflect new events or circumstances except as expressly required by applicable securities law.
SOURCE: Calvalley Petroleum Inc.
For further information:
firstname.lastname@example.org or +1 (403) 297-0490
Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO