Calvalley Petroleum Inc. announces approval of normal course issuer bid

CALGARY, April 14 /CNW Telbec/ - Calvalley Petroleum Inc. (TSX: CVI-A.TO)

Calvalley Petroleum Inc. (TSX: CVI-A.TO) Calvalley Petroleum Inc. ("Calvalley"), an international junior oil and gas company based in Calgary, Alberta, announces that it has made the necessary filings, and received the necessary approvals, to make a normal course issuer bid through the facilities of the Toronto Stock Exchange commencing April 16, 2008 and ending April 15, 2009, or on such earlier date as Calvalley may complete its purchases under the bid.

A total of 3,000,000 Class A Common Shares (the "Common Shares") may be acquired under the bid, representing approximately 2.96% of the 101,470,498 Common Shares outstanding as of April 10, 2008. Calvalley will acquire Common Shares under the bid at the market price at the time of purchase, and all Common Shares acquired will be canceled. Unless Calvalley is utilizing a Block Purchase Exemption as permitted by the TSX, purchases are subject to a daily purchase restriction equal to 25% of the average daily trading volume of the Common Shares over the past six calendar months, or a maximum of 45,895 Common Shares per trading day.

In the opinion of Calvalley's Board of Directors, Calvalley's Common Shares are, from time to time, undervalued by the market, and the cost of acquiring the shares is an expense prudently incurred by Calvalley to increase shareholder value.

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.

Contacts

Edmund M. Shimoon
CEO
Calvalley Petroleum Inc.
(403) 297-0491
Fax: (403) 297-0499

Renmark Financial Communications: Neil Murray-Lyon: nmurraylyon@renmarkfinancial.com

Barbara Komorowski: bkomorowski@renmarkfinancial.com

(514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com