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

As at September 30, 2010, the Company had 97.8 million common shares outstanding. Additionally, there were 4.9 million options outstanding that were issued pursuant to the Company's Stock Option Plan (Average exercise price was $3.58/share CDN).

Overall Performance

Net income for the nine month period ended September 30, 2010 was $6.0 million versus $0.8 million for 2009. Working capital at September 30, 2010 increased to 73.3 million from $70.7 million at December 31, 2009. Funds flow from operations for the nine month period ended September 30, 2010 improved to $13.9 million from $8.9 million for the nine months ended September 30, 2009.

During the nine month period ended September 30, 2010, the Company's ability to generate positive funds flow from operations enabled it to finance its capital program and to buy back 529,528 shares at a cost of $1.5 million representing an average cost of $2.77/share (C$2.87/share). The Company continues to generate cash flow from its operations at Block 9 in the Republic of Yemen.

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 23% of CVI's outstanding shares.