Calvalley Petroleum Provides Drilling Update in Yemen

Calvalley Petroleum Inc. is pleased to report that the second appraisal well, Ras Nowmah 4, to be drilled offsetting the Ras Nowmah 2 discovery well that was drilled in 2010 was spud on August 12, 2012.

The final completion and testing of the first appraisal well, Ras Nowmah 5, will be performed by a service rig which is now at the Ras Nowmah 5 location. The completion activity is waiting on the delivery of special equipment from outside Yemen. Subject to unforeseen circumstances and delays, the well will be perforated and tested as soon as the specialized equipment is available and, if the completion and testing results are positive, the well will be placed on production thereafter.

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.

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