Calvalley Petroleum Inc. common shares are listed on the Toronto Stock Exchange (TSX) under the symbol CVI.A.

As at September 30, 2009, the Company had 98.4 million common shares outstanding. Additionally, there were 4.2 million options outstanding that were issued pursuant to the Company's Stock Option Plan (Average exercise price was $3.50/share CDN).

Overall Performance

Net income for the three month period ended September 30, 2009 was $2.1 million versus $9.1 million for 2008. Funds flow from (used in) operations decreased to $4.5 million from $12.1 million in 2008. Working capital at September 30, 2009 was $71.3 million versus $75.8 million at December 31, 2008. Funds flow from operations is anticipated to finance the Company's capital program during 2009 without the requirement for external financing.

Investment Highlights

• Strong reserves base with excellent low risk growth potential;
• Excellent Balance Sheet no debt and strong working capital position;
• Self-funding operations (both exploration and development are internally funded);
• Board/Management decision to buy-back approximately 5 million shares; and
• Committed Management holding approximately 25% of CVI's outstanding shares.