Calvalley Petroleum is pleased to announce the successful completion of its previously announced restructuring and liquidation of the Company pursuant to a plan of arrangement involving Calvalley Energy Limited (a wholly-owned subsidiary of Calvalley organized in Cyprus) under the Canada Business Corporations Act. Pursuant to the Arrangement, the [...]
Calvalley Petroleum announces that its board of directors has determined to restructure and liquidate the Company. The Company will enter into an arrangement agreement with Calvalley Energy Limited (a wholly-owned subsidiary of Calvalley organized in Cyprus), pursuant to which Calvalley and CVE will complete a plan of arrangement under the Canada [...]
Calvalley Petroleum provides the following update for shareholders. The Company and other third party shippers using the facilities at Block 18 have been advised by the Operator to suspend all crude oil shipments to the facility, until further notice, as a result of operational and capacity issues resulting from the current conditions in the [...]
Calvalley Petroleum provides the following update for shareholders. The Company has received formal notice from the operator of Block 51 of their intention to suspend operations at Block 51 and to shut-down the facilities. This action is being taken by the operator due to the relinquishment of the entire contract area under the Block 51 Production [...]
Highlights During 2014 the Company was unable to carry out many elements of its development plan for the Yemen assets due to restrictions on the availability of services. Yemen has been subject to significant political uncertainty during the year and the situation has yet to stabilize. The safety and security of staff in the region is of critical [...]
Calvalley Petroleum announces the results of its December 31, 2014 reserves evaluation. The reserves evaluation was conducted by McDaniel & Associates Consultants Ltd. who prepared an independent engineering evaluation of the reserves attributable to the Company's 50% working interest in Block 9 in a report dated January 30, 2015 with an effective [...]
Calvalley Petroleum announces that effective immediately Mr. Bernard de Combret has resigned from the Board of Calvalley. The Board of Directors and Chairman Mr. Shimoon wishes to thank Bernard for his contributions to the Company as a director over the last four years. Bernard was a member of the Reserves Committee and the Corporate Governance [...]
Calvalley announced today the resumption of production operations on Block 9, Republic of Yemen. The Syndicate Committee for the Employees of Block 9 went on strike on December 12, 2014 resulting in a temporary shut-down of oil production. Forward-looking InformationThis press release may contain forward-looking information. Words such as "may [...]
On December 8, 2014, the Syndicate Committee for the Employees of Block 9 initiated procedures to implement an illegal strike action which may result in a shut-down of oil production on Block 9, Republic of Yemen. The Union is demanding the reinstatement of certain staff laid off by the Company due to the current economic conditions. These layoffs [...]
Calvalley Petroleum announces that effective immediately Mr. Ken Stephenson will be retiring from the Board of Calvalley for personal reasons. The Board of Directors and Chairman Mr. Shimoon wishes to thank Ken for his contributions to the Company as a director over the last eight years. Ken acted as Chairman of the Reserves Committee of the Board [...]
During the third quarter of 2014 the Company sold an average of 914 barrels per day of crude oil compared to 2,170 barrels per day in the prior period of 2013. Sales volumes in the quarter, which reflect the timing of crude oil shipments, comprise only one shipment that occurred in August 2014. A shipment of crude oil occurred at 5am on October 1 [...]
Calvalley Petroleum is pleased to announce that the Toronto Stock Exchange has approved, effective October 28, 2014, an amendment to its existing normal course issuer bid ("NCIB") to purchase outstanding Class A Common Shares of the Company ("Common Shares") on the open market, in accordance with the rules of the TSX. Under this approval [...]
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