Calvalley Petroleum Inc., (TSX: CVI.A) announces filing of Annual Information Form and commencement of drilling.

CALGARY, March 27, 2013 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") has filed its annual information form ("AIF"). The AIF includes information on the Company's reserves and other oil and gas information. The Company previously filed its audited financial statements and MD&A on March 7, 2013, and information relating to the independent evaluation of the Company's reserves was released on February 19, 2013. Copies of the AIF will be available on SEDAR at www.sedar.com and on the Company's website at www.calvalleypetroleum.com .

The Company is also pleased to announce the commencement of drilling of the Ras Nowmah South prospect effective March 26, 2013.

The Ras Nowmah South prospect is located on the Umm Er Radhuma Plateau on a trend between the Ras Nowmah and Al Roidhat pools, approximately 3 kilometers south of the Ras Nowmah 2 well, and aims to test the Qishn sands and the Saar carbonates.

The primary target is the high porosity and permeability sands of the Lower Cretaceous Berriasian-Valanginian age Saar Formation carbonates and the basal sands of the Jurassic Granite Wash. The well is planned to be drilled to a total depth of 1,567 meters.

Calvalley is an international oil and gas company, with offices in Calgary, Alberta, Canada, that operates its 50% working interest in Block 9 of the Masila Basin, in The Republic of Yemen.

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This press release may contain forward-looking statements. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", and similar expressions may 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, operational risks, availability of supplies and services, potential delays or changes in plans with respect to exploration or development projects or capital expenditures, delays and interruptions in drilling and completion activities for undetermined periods, success in drilling activities, 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. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release and Calvalley assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law.

SOURCE: Calvalley Petroleum Inc.

[email protected] or [phone]
Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO