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Calvalley Reports Prospective Resource Estimate Block 9, Yemen

Source: www.gulfoilandgas.com 11/29/2006, Location: Middle East

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Calvalley Petroleum Inc. announced that McDaniel & Associates Consultants Ltd. has recently completed a resource estimate for Block 9 (100%) in Yemen. Based on a P50 analysis the original oil in place (“OOIP”) in the Hiswah field is estimated to be approximately 283.49 million barrels, while the Al-Roidhat field is estimated, again based on a P50 analysis, to contain approximately 44.62 million barrels OOIP.

Two additional discoveries (Auqban and Ras Noor) were assessed based on a single exploration well in each discovery. The P50 OOIP is estimated at approximately 4 million barrels.

For the existing discovered oil fields, the total P50 OOIP is estimated to be 332.2 million barrels.

(The terminology of P50 is the confidence level which is consistent with the Canadian reserves definitions for proved plus probable reserves)

An additional 8 independent exploration prospects and 12 independent exploration leads were also assessed, resulting in an additional Unrisked Mean OOIP of 1.93 billion barrels, and Unrisked Mean OGIP of approximately 16 Bcf. The analysis represents estimates of potential oil and gas in place for the prospects and leads identified to date from the existing seismic and geological data.

(The terminology used in the report for prospects and leads follows the 2001 Society of Petroleum Engineers (“SPE”) Guidelines for Evaluation of Petroleum Reserves and Resources)

The resource estimates were prepared by independent evaluator which reviewed all available seismic, log, core and fluid analysis data associated with Block 9. The resource study was prepared in order for the Company and its partners to better understand the additional development potential of the Block.

Calvalley is the operator and owns 50 % interest in the Block 9.

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