CALGARY, April 16 /CNW Telbec/ - Calvalley Petroleum Inc. (TSX: CVI-A.TO)
Mr. Edmund M. Shimoon, Chairman and Chief Executive Officer of Calvalley Petroleum Inc. is pleased to announce the appointment of Mr. Memet Kont as the Chief Operating Officer of the Company.
Mr. Kont formerly, with UBS Securities, brings a wealth of oil and gas experience including business development, reserves evaluation, capital markets and international relations. Mr. Kont is a dually registered professional Engineer and professional Geologist with APEGGA and holds an MBA from the University of Calgary. Mr. Kont has developed strong technical and business skills through his positions at UBS Securities, Jennings Capital, McDaniel and Associates, and Geological Survey of Canada. His global network of business associates is expected to provide Calvalley with additional strength in attracting capital and developing new business opportunities. Mr. Kont's knowledge of public markets will enhance corporate communication and market awareness.
Mr. Kont stated "Throughout my career I have been exposed to numerous domestic and international opportunities in the E&P space. Calvalley clearly stands out with the attractiveness of its Profit Sharing Agreement with the Yemeni Government, the size of resource potential of Block 9, clean balance sheet, and committed management team, which I am excited to be a part of. I am confident that 2008 will be a year of significant reserves and production ramp-up"
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 expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties of reserve estimates; the uncertainty of estimates and projections related to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rates fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Calvalley's operations or financial results are included in Calvalley's reports on file with Canadian securities regulatory authorities.
ContactsEdmund M. ShimoonCEO
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
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