Calvalley Petroleum Closes Bought Deal $58.5 Million Financing

Calvalley Petroleum Inc., (TSX: CVI.A) has successfully completed a bought deal private placement of 9,000,000 Class A common shares at a price of $6.50 per share for total gross proceeds of $58.5 million. The Private Placement was underwritten by a syndicate led by UBS Securities Canada Inc. and including Jennings Capital Inc., Octagon Capital Corporation and Leede Financial Markets Inc. The securities issued by the Company at closing are subject to resale restrictions under applicable securities legislation and the policies of the Toronto Stock Exchange. The Company will apply the proceeds of this issue towards its international exploration and development program.

The Class A common shares of Calvalley Petroleum Inc. have not and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S Securities Act and applicable state securities laws.

Calvalley Petroleum Inc. is a Calgary based oil and gas exploration company engaged in the exploration and development of oil reserves in the Republic of Yemen.


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