Calvalley Sets Up Shop in UAE

Calvalley has taken the first step toward building its core operational and technical team in the regions where it operates. Calvalley has successfully established its offices by receiving two commercial licenses from the Government of the United Arab Emirates ("UAE"); one for Trading in Oil and Gas Products and in Upstream Oil and Gas Exploration and one for having an operating office in Sharjah Airport International free zone. The company has commenced the process of staffing with technical and operational professionals to provide the necessary day to day support to the operation in the region. This will alleviate the operational challenges arising from the time-zone difference between Calgary and the operational regions.

Calvalley also announced that as a part of re-organization resulting from its growth strategy, the following individuals have been internally promoted due to their strong contributions:

Ms. Galina Markarova, Ph.D., has been appointed to the position of Geosciences Manager and will be responsible for all Geological and Geophysical activities of Company and its wholly owned subsidiaries. Ms. Markarova, has been with the company for over six years and one of the key players in the exploration and development success of Block 9. She has played a leading role in initial geological and geophysical work in Ethiopia.

Mr. Zacharie Magnan, CA, has been appointed to the position of V.P. Finance and acting CFO stationed in Calgary Office. Mr. Magnan has been with Calvalley for almost two years in the capacity accounting manager. Mr. Bill Cummins, the current CFO, will be leaving the company to pursue other opportunities. We thank Mr. Cummins for his contributions and wish him the best in his future endeavor.

Mr. Nadim Iqbal has been appointed to the position of V.P. Finance of Calvalley Petroleum (Cyprus) Ltd. Mr. Iqbal has been Finance Manager of our subsidiary company in the Republic of Yemen and responsible for all our joint venture accounting. Mr. Iqbal brings a wealth of oil and gas accounting and finance experience from the region.