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Press release from CNW Group

Calvalley Petroleum - ASC Notice of Hearing

Thursday, March 31, 2011

Calvalley Petroleum - ASC Notice of Hearing18:11 EDT Thursday, March 31, 2011CALGARY, March 31 /CNW/ - Calvalley Petroleum Inc., (TSX: CVI.A)Calvalley Petroleum Inc.(the "Company" or "Calvalley"), an international junior oil and gas company based in Calgary, Alberta, announces that the Alberta Securities Commission ("ASC") has issued a Notice of Hearing against the Company, Memet Kont and Kevin MacArthur alleging a breach of section 147 of the Securities Act (Alberta) constituting conduct contrary to the public interest. An appearance to set a date for hearing in Calgary will be held on May 12, 2011 at 9:30 a.m. in the ASC Hearing Room, 5th floor, 250 - 5th Street S.W., Calgary, Alberta. The Company and Mr. Kont, of Calvalley, are in the process of retaining counsel to advise with respect to this proceeding. Mr MacArthur is no longer employed by the company.This press release may contain forward-looking statements including, without limitation, relating to timing of certain matters relating to the ASC Notice of Hearing. These statements reflect management's current beliefs and are based on information currently available to management. These forward-looking statements are made as of the date hereof.THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.For further information: investorrelations@calvalleypetroleum.com Edmund Shimoon, Chairman & CEO Zacharie Magnan, Acting CFO +1 (403) 297-0490