Calvalley ReceivesApproval from the TSX to List Warrants

Calvalley Petroleum Inc., (TSX-V: CVI.A), has received conditional approval from the TSX Venture Exchange for the listing of its share purchase warrants that were part of the Company's December 2003 Private Placement.

Final approval from the TSX Venture Exchange is expected on or about April 23, 2004 after the Company files all remaining documentation with the Exchange.

6,723,710 share purchase warrants were issued with the 13,477,420 units sold in December 2003. Each full warrant is exercisable into one common share at a price of $1.66 per share until June 10, 2005. The Warrants were subject to a fourth month hold period that ended April 11, 2004.