FOR IMMEDIATE RELEASE
Calgary, Alberta, October 23, 2014 - Calvalley Petroleum Inc., (TSX: CVI.A) announces amendment of normal course issuer bid.
Calvalley Petroleum Inc. ("Calvalley" or the "Company") (TSX:CVI.A) is pleased to announce that the Toronto Stock Exchange ("TSX") has approved, effective October 28, 2014, an amendment to its existing normal course issuer bid ("NCIB") to purchase outstanding Class A Common Shares of the Company ("Common Shares") on the open market, in accordance with the rules of the TSX.
Under this approval, Calvalley is authorized to increase the maximum number of Common Shares that may be purchased from 3,000,000 Common Shares to 3,650,640 Common Shares representing respectively approximately 7% and 8%, of the public float as at August 1, 2014. Calvalley has purchased 3,000,000 Common Shares under the NCIB in the period August 18, 2014 to October 20, 2014, through the facilities of the TSX and alternate trading systems, at an average price of $1.28 per Common Share.
Unless Calvalley is utilizing a Block Purchase Exemption, as permitted by the TSX, purchases under the NCIB are subject to a daily purchase restriction to a maximum of 10,333 Common Shares per trading day. As of October 22, 2014, there are 74,934,186 Common Shares outstanding.
Calvalley is authorized to make purchases during the period of August 18, 2014 to August 17, 2015 or until such earlier time as the NCIB is completed or terminated at the option of Calvalley. Any Common Shares Calvalley purchases under the NCIB will be purchased on the open market through the facilities of the TSX and/or alternative trading systems at the prevailing market price at the time of the transaction. Common Shares acquired under the NCIB will be cancelled.
Calvalley's Board of Directors believes, from time to time, the market price of its Common Shares may not reflect their underlying value. The Company acquired 1,451,640 Common Shares at an average cost of $1.68 per Common Share under its previous NCIB which expired on March 18, 2014. On March 5, 2013, pursuant to an Offer to Purchase and Issuer Bid Circular dated January 22, 2013, the Company acquired 15,000,000
Common Shares at a price of $2.45 per Common Share.
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.
For additional information, please contact:
investorrelations@calvalleypetroleum.comor +1 (403) 297-0490
Edmund Shimoon, Chairman and CEO Gerry Elms, CFO
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