Calvalley Petroleum Spuds Daysah-1 Exploration Well

Calvalley Petroleum, Operator of Block 9, in the Republic of Yemen, reports that drilling operations at the Daysah-1 exploration well have commenced. Daysah-1 is located approximately 9 kilometers NW from the middle of the Hiswah oil pool and will test the Saar/Naifa Formation limestone, which is productive at Hiswah, possibly resulting in an extension of the same pool. In addition, the well will also test deeper reservoir targets in both the Shuqra and Kohlan Formations, in which oil was found at the Auqban discovery which lies approximately 7 km to the west of Daysah-1, along the same fault trend.

Calvalley is also pleased to report that the acquisition of 63 sq km of 3D seismic data over the Hiswah oil pool is underway, on schedule and on budget for completion by late July. As well, the Company has initiated the acquisition of 200 km of 2D seismic data over several high impact exploration prospects and leads.