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Press release from CNW Group

Calvalley Petroleum Inc., (TSX: CVI.A) announces completion of its Issuer Bid

Tuesday, March 05, 2013

Calvalley Petroleum Inc., (TSX: CVI.A) announces completion of its Issuer Bid17:05 EST Tuesday, March 05, 2013CALGARY, March 5, 2013 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") announces that is has taken up and paid for 15 million of its outstanding Class A common voting shares ("Shares") at a purchase price of $2.45 per Share pursuant to its issuer bid (the "Offer") to purchase up to 15 million Shares.  The purchased Shares represent approximately 15.9% of the outstanding Shares prior to giving effect to the Offer. After giving effect to the Offer, Calvalley has 79,365,826 Shares issued and outstanding.As previously announced, the Offer was oversubscribed, and as such shareholders (other than "odd lot" shareholders) had approximately 35.06% of the Shares tendered to the Offer purchased by Calvalley. Certificates representing Shares not purchased under the Offer, including Shares not purchased due to proration, will be returned to shareholders as soon as practicable.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.SOURCE: Calvalley Petroleum Inc.For further information: investorrelations@calvalleypetroleum.com or +1 (403) 297-0490 Edmund Shimoon, Chairman and CEO Gerry Elms, CFO