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Press release from CNW Group

CALVALLEY PETROLEUM INC. - YEMEN OPERATIONS UPDATE

Friday, March 04, 2011

CALVALLEY PETROLEUM INC. - YEMEN OPERATIONS UPDATE08:35 EST Friday, March 04, 2011CALGARY, March 4 /CNW/ - Calvalley Petroleum Inc. (TSX: CVI.A)Calvalley Petroleum Inc. (Calvalley) is pleased to announce that its Qarn Qaymah-3 well reached total depth of 4,460 metres on February 25, 2011. A wellbore cleaning process was then undertaken to remove all drilling solids before commencing logging operations and production testing. The logging program is now underway and is expected to be complete on March 4, 2011. The production testing is expected to commence on March 8, 2011 and test results will be announced as they are made available.As well, Calvalley recently completed all mechanical and civil work on the Truck Offloading Facilities, located in Block 51, and is currently completing the telecommunication and instrumentation components of the project. The project commissioning team expects to have the facilities in operation within the next month.Calvalley also wishes to assure its investors that operations continue to be unaffected by recently reported unrest in the region.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. Calvalley also operates its 100% working interest in the Gimbi and Metema Blocks 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 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 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, 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. Forward-looking statements and other information contained herein concerning the oil and gas industry and Calvalley's general expectations concerning this industry are based on estimates prepared by management using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of this industry which Calvalley believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While Calvalley is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors.For further information: investorrelations@calvalleypetroleum.com or +1 (403) 297-0490 Edmund Shimoon, Chairman and CEO Memet Kont, President and COO Zacharie Magnan, Vice-President, Finance and Acting CFO