Cash Flow - The Engine of Growth

2011 - A Record Year

Calvalley has established a strong base of cash flow and earnings from its exploration success in Block 9.

Year over year increases in proved developed producing reserves has provided a foundation of strong cash flow providing a basis to fund future development and exploration activities through cash flow generation without the need for debt financing or equity dilution.

The production growth achieved in the latter part of 2011 through initiating production at the Ras Nowmah and Al Roidhat fields resulted in back to back quarterly records in cash flow and earnings per share in the third and fourth quarters of 2011.

Catalysts for Growth