Wednesday, 22-August-2018 04:02
 
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Economy
Friday, 23-December-2005
Almotamar Net - Calvalley Petroleum, an international, junior oil and gas company based in
Calgary, Alberta, is pleased to provide the following update on its operations
on Block 9 in the Republic of Yemen.
The drilling rig was released on December 16th from the Company's sixth
horizontal Hiswah well (Hiswah-8) which was spudded on November 25, 2005. The
well was drilled horizontally into the oil-bearing Saar-Naifa formation and is
located approximately 250 metres east of the Hiswah-6 well. The well was
drilled parallel to Hiswah-6, although in a northerly direction and was
successfully drilled to 1,816 metres with the last 599 metres being an open
hole in the pay zone. The well penetrated oil-saturated, porous, carbonate
grainstones over much of its length.
Hiswah-9 was spudded on December 20, 2005 and is located approximately
275 metres west of the Hiswah-6 well. The well will be drilled in a similar
fashion to the Hiswah-6,7 and 8 wells and is expected to be completed within
the next two weeks.
Four containers shipped from Canada have arrived in Yemen containing all
the pumps and related well production equipment for the Hiswah horizontal
wells. Good progress is being made on the Hiswah Early Production Facility
(EPF), which the Company anticipates completing, on schedule before the end of
the first quarter.
At the present time, production from the Hiswah-6 well is running at
about 2,000 bbls per day (bpd), net 1,000 bpd to the Company. This level of
production is expected to be maintained for the next few weeks until de-
bottlenecking is completed at the Safer unloading facility, on Block 18, when
production will be increased gradually to an anticipated 10,000 bpd
(net 5,000 bpd to Calvalley).

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.
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