CALGARY, Aug. 14, 2012 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the
"Company") is pleased to report that the second appraisal well, Ras Nowmah 4, to
be drilled offsetting the Ras Nowmah 2 discovery well that was drilled in 2010
was spud on August 12, 2012.
The final completion and testing of the first appraisal well, Ras Nowmah 5, will
be performed by a service rig which is now at the Ras Nowmah 5 location. The
completion activity is waiting on the delivery of special equipment from outside
Yemen. Subject to unforeseen circumstances and delays, the well will be
perforated and tested as soon as the specialized equipment is available and, if
the completion and testing results are positive, the well will be placed on
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.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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,
operational risks, 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.
SOURCE Calvalley Petroleum Inc.