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Press release from CNW Group

Calvalley Petroleum Inc. (TSX: CVI.A) announces the continued review of strategic alternatives

Thursday, July 12, 2012

Calvalley Petroleum Inc. (TSX: CVI.A) announces the continued review of strategic alternatives22:07 EDT Thursday, July 12, 2012/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/CALGARY, July 12, 2012 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") announces a corporate update further to its news release of July 11, 2012.  In light of a number of inquiries received as a result of today's announcement by DNO International ASA, the Company confirms that the Special Committee that was established by its Board of Directors will continue to explore and consider strategic alternatives with the objective of maximizing value for all shareholders.About Calvalley Petroleum Inc.Calvalley Petroleum Inc. 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 Gimbi and Metema Blocks of the Blue Nile Basin, in The Republic of Ethiopia.Certain information contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Investors are encouraged to review the principal risks associated with the Corporation's operations set out in the Corporation's Annual Information Form for the year-ended December 31, 2011, a copy of which is filed on SEDAR at www.sedar.com. Forward-looking statements are based upon management's assumptions, expectations and estimates at the time that such statements are made. The Corporation does not update forward-looking statements should circumstances change or management's assumptions, expectations or estimates change, except as required by law. 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 or +1 (403) 297-0490 Edmund Shimoon, Chairman and CEO Gerry Elms, CFO