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Press release from CNW Group

Calvalley Petroleum Inc., (TSX: CVI.A) provides drilling update.

Wednesday, August 01, 2012

Calvalley Petroleum Inc., (TSX: CVI.A) provides drilling update.07:00 EDT Wednesday, August 01, 2012CALGARY, Aug. 1, 2012 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") is pleased to provide an update on the drilling of the Ras Nowmah 5 appraisal well.The Ras Nowmah 5 well is the first of two appraisal wells planned to be drilled offsetting the Ras Nowmah 2 discovery well that was drilled in 2010.Drilling operations have performed according to schedule and effective July 28, 2012 the well was logged, cased and cemented to the target depth of 1,558 m. Based on petro-physical analysis, the well encountered 11 meters of net oil column in the Qishn formation, the same producing zone as the Ras Nowmah 2 well. The drilling rig is currently being demobilized and moved to the second planned appraisal well location, Ras Nowmah 4.The final completion and testing of the Ras Nowmah 5 well will be performed by a service rig which is currently being moved to the Ras Nowmah 5 location. Subject to unforeseen circumstances and delays, the well will be perforated and tested within the next two weeks and, if the completion and testing results are positive, the well will be placed on production as soon as possible.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.For further information: investorrelations@calvalleypetroleum.com or +1 (403) 297-0490 Edmund Shimoon, Chairman and CEO Gerry Elms, CFO