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Press release from CNW Group

Calvalley Petroleum Inc., (TSX: CVI.A) provides clarification on recent news reports

Friday, December 14, 2012

Calvalley Petroleum Inc., (TSX: CVI.A) provides clarification on recent news reports17:12 EST Friday, December 14, 2012CALGARY, Dec. 14, 2012 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") provides the following information to clarify recent news reports of an attack on its facilities in the Republic of Yemen.The Company is aware of certain news reports issued today which reference a "powerful explosion" at the Company's facilities and that "the huge blast targeted an oil well at Block 9 operated by Canada's Calvalley Petroleum Company".The Company is currently investigating an event which occurred in its Al Roidhat field in Yemen. One of its heavy oil wells in the Al Roidhat field was targeted by an incendiary device resulting in some damage to the well head. The well, which was producing approximately 100 barrels per day of heavy oil, has been shut in pending repairs. The damage caused is restricted to the one well in the Al Roidhat field with production from other wells in the area not being affected. The damaged well will be put back on production after repairs are completed.The Company is working with the Government, Security forces and Local officials to identify the individual or group responsible.About Calvalley Petroleum Inc.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.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 Corporations 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. SOURCE: Calvalley Petroleum Inc.For further information: investorrelations@calvalleypetroleum.com or +1 (403) 297-0490 Edmund Shimoon, Chairman and CEO Gerry Elms, CFO