Calvalley Petroleum Inc. confirms that it is aware of the announcement by DNO International ASA (DNO) that DNO intends to make an unsolicited offer for all of the outstanding Class A common shares of Calvalley at a price of $2.30 per Class A common share. Calvalley advises shareholders not to take any action until further notice.

The Board of Directors (the "Board") of Calvalley, consistent with its fiduciary duties and in consultation with its advisors, will consider and evaluate the take-over bid and will pursue the course of action that is in the best interests of Calvalley and its shareholders. The Board will review all available alternatives in an effort to maximize shareholder value, but cautions that such a process may not necessarily result in a transaction.

Tags: Calvalley Petroleum Inc.