Calvalley Petroleum Adds to its Board of Directors

Calvalley Petroleum has appointed two new members to its Board of Directors at the June 10, 2004 Annual Meeting.

Mr. Anthony Rawlinson, of Singapore was elected to the Board as a nomination from the floor. Mr. Rawlinson is currently Chief Investment Officer of the Global Value Equities Fund, one of several funds managed by Global Value Investment Portfolio Management Pte Ltd. which he co-founded eight years ago and of which he is currently Managing Director. Prior to that Mr. Rawlinson was Senior Portfolio Manager of the Citibank Value Investment Portfolio from 1984 to 1986 and Senior Investment Officer for the Chemical Bank in Singapore from 1982 to 1984. In addition, Mr. Gary Robertson, C.A. was elected to the Board. Mr. Robertson has worked for the past 25 years, as President of Robertson Financial Services. He has been particularly active in private equity formations, including a number in the oil and gas industry. Returning Board members include Demetris Ioannides, Thomas E. Lester and Mr. Edmund M. Shimoon, Chairman of the Board. These additions to the Board of Directors, along with the appointment of Mr. Ioannides last year, are intended to assist the Company to grow internationally and to allow it better access to capital markets outside of Canada. Mr. Shimoon took the opportunity at the annual meeting, to thank the outgoing Directors, Maurice Jodoin and Brian Usher-Jones for their significant contributions to the well being of the Company over the past seven years.

At the Annual meeting the shareholders approved an amendment to the Company's stock option plan, the first since its establishment on November 6, 1997. The number of common shares which may be issued under the Company's stock option plan was increased to 4,707,815 or 6.4% of the outstanding common shares on May 1, 2004. At a Board meeting held on June 11, 2004 the new directors were each granted 150,000 stock options and Mr. Shimoon was granted 350,000 options in recognition of his past performance as President and CEO of the Company. All options were granted at the closing value of Calvalley stock on June 11th ($1.60), vest immediately and expire five years after their grant.

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