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Calvalley Provides Drilling and Operations Update

Source: www.gulfoilandgas.com 6/3/2012, Location: Middle East

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The Company is pleased to report the resumption of drilling activity on Block 9 with the spud of its first development well, Ras Nowmah 5, on June 30, 2012. Over recent weeks Calvalley has been arranging for mobilization of a drilling crew to operate one of the two drilling rigs that are situated on Block 9. Drilling activity was suspended in the second quarter of 2011 when drilling crews of the service providers were evacuated from Yemen due to security concerns. Throughout 2011 Calvalley maintained operations on Block 9 and at its office in Sana’a, the capital of Yemen.

The Company is very pleased that service companies that evacuated the region are now returning to the country and restoring service availability. Ras Nowmah 5 is the first of two development wells planned to be drilled offsetting the Ras Nowmah 2 discovery well that was drilled in 2010. The Ras Nowmah 5 well, subject to unforeseen circumstances and delays, is expected to complete drilling by the end of July 2012 after which the well will be tested and placed on production, if successful.

On completion of the drilling of the Ras Nowmah 5 well, the drilling rig will move to the second planned development location, Ras Nowmah 4. Upon completion of the two development wells the Company plans to drill several anomalies identified along the same plateau where Ras Nowmah is located.

Average gross production volumes for the second quarter of 2012 are estimated to be approximately 5,000 bpd with the Hiswah field contributing approximately 3,000 bpd and the Ras Nowmah field approximately 2,000 bpd. Production from the Al Roidhat field (which has production capability in the 1,200 – 1,500 bpd range) was shut-in during the quarter due to local issues.

The Company sold 252,525 barrels of crude oil in the second quarter 2012 at an average price of US$112.90 per barrel, representing an average daily sales volume of 2,775 bpd (Company share before royalties and taxes) for the quarter. Calvalley’s inventory of crude oil (net of royalties and taxes) at the end of the quarter is approximately 17,000 barrels.

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