Calvalley Petroleum Files Amended and Restated Year End Oil and Gas Disclosure
Tue Apr 8, 8:57 PM(TSX: CVI-A.TO)
CALGARY, April 8 /CNW/ - Calvalley Petroleum Inc. (the "Company" or "Calvalley"), an international junior oil and gas company based in Calgary, Alberta, has filed an Amended and Restated Annual Information Form ("AIF") on the System for Electronic Document Analysis and Retrieval which can be viewed electronically at www.sedar.com. The Company has amended certain of the NI 51-101 Reserves Data and Other Oil and Gas Information of the AIF for the year ended December 31, 2007.
The Company inadvertently reported property gross as opposed to company gross production volumes in the Reconciliation of Company Gross Reserves table and the Production History table contained in the AIF. The AIF has been amended and restated to reflect the company gross production volumes set forth below.
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Table 4
Reconciliation of Company Gross Reserves
by Principal Product Type
Forecast Prices and Costs
(Thousands of Barrels)
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Light and Medium Oil Heavy Oil
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Proved Proved
and and
Proved Probable Probable Proved Probable Probable
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As at
December 31,
2006 5,026 6,792 11,818 3,907 2,009 5,916
Extensions - - - - - -
Improved
recovery - - - - - -
Technical
revisions 293 (304) (11) (189) (94) (283)
Discoveries - - - - - -
Acquisitions - - - - - -
Dispositions - - - - - -
Economic factors - - - - - -
Production (972) - (972) - - -
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As at
December 31,
2007 4,347 6,488 10,835 3,718 1,915 5,633
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Table 6.9
Production History
Year Ended December 31, 2007
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Q1 Q2 Q3 Q4 Total
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Company gross oil
production (mbbls)
Hiswah Saar field 245.0 236.5 249.0 241.5 972.0
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Total 245.0 236.5 249.0 241.5 972.0
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Average netback ($/bbl)
Revenue 60.43 61.23 67.18 82.27 73.07
Royalties 1.08 0.88 1.21 .83 1.05
Operating costs 8.38 8.70 15.72 7.74 14.91
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Netback 51.15 51.68 50.25 73.70 57.10
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All other information contained in the AIF remains unchanged.
Calvalley is listed on the Toronto Stock Exchange, trading under the symbol "CVI.A".
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release may contain forward-looking statements including, without limitation, financial and business prospects and financial outlooks, and such statements may be forward-looking statements which reflect management's expectations regarding future plans and intentions, growth, results of operations, performance and business prospects and opportunities. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof.
Forward-looking statements and other information contained herein concerning the oil and gas industry and Calvalley's general expectations concerning this industry are based on estimates prepared by management using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of this industry which Calvalley believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While Calvalley is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors.
Source: Edmund M. Shimoon, CEO
Calvalley Petroleum Inc.
Tel: (403) 297-0491 Fax: (403) 297-0499
ContactsRenmark Financial Communications 2080 Rene-Levesque Blvd. West
Montreal
QC
H3H 1R6
Tel: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com Tina Cameron: tcameron@renmarkfinancial.com Neil Murray-Lyon: nmurraylyon@renmarkfinancial.com
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