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Press release from CNW Group


Wednesday, June 08, 2011

CALVALLEY PETROLEUM INC. ANNOUNCES NEW CHIEF FINANCIAL OFFICER08:00 EDT Wednesday, June 08, 2011CALGARY, June 8, 2011 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") is pleased to announce the appointment of Mr. Gerry J. Elms, B.Sc. C.A. as Chief Financial Officer effective June 14, 2011.Mr. Elms has over 30 years of experience with major players in Canada's oil and natural gas industry.  Gerry is a Chartered Accountant and holds a Bachelor of Science degree in Mathematics and Economics from Nottingham University, England.From 1997 to 2005, Mr. Elms was Vice President, Finance and Corporate Secretary of Penn West Petroleum Ltd. Mr. Elms joined Penn West in 1994 as part of the management team that executed a strategy to significantly increase production and reserves, as well as shareholder value, through a combination of organic growth and corporate acquisitions. Since 2005, Mr. Elms has been Vice President, Finance and CFO at two private start-up oil and gas companies. From 1981 until he joined Penn West, Mr. Elms held various financial management positions with Petro-Canada and NOVA Corporation.Calvalley views the appointment of Mr. Elms as an important step in the development of the Company's aggressive growth strategy. Mr. Elms will have responsibility for all financial evaluation and execution aspects of that strategy. His extensive experience with and contacts in the global financial industry will assist in the implementation of the most efficient program of value maximization for Calvalley shareholders.Mr. Edmund Shimoon, the Company's Chief Executive Officer, says "I'm very pleased that Gerry has signed on to work with our team. Gerry and I worked closely together in the 1980's. His enthusiasm, work ethic, knowledge and experience will provide significant leadership to our team as we move to significantly grow production and shareholder value at Calvalley. Gerry and I will be working to implement the Company's aggressive strategy for growth.Mr. Shimoon is also pleased to announce that Mr. Zacharie Magnan, who has been the Acting CFO of Calvalley, will continue his significant service with the Company as Vice-President of Finance.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: +1 (403) 297-0490 Edmund Shimoon, Chairman and CEO Zacharie Magnan, Vice-President, Finance