Canada

Existing properties are comprised of a small working interest in one property in Saskatchewan and overriding royalties.

Yemen

The Company has a 50% working interest in the Malik Block 9 Joint Venture in Yemen. The Company's right to produce crude oil under the Production Sharing Agreement ("PSA") continues to 2025, with a provision for a 5 year extension. The ownership of all assets, tangible and intangible, remains with the Yemen authority.

Ethiopia

During the year, the Company signed a Production Sharing Contract ("PSC") with the Ethiopian Government on the Metema and Gimbi Blocks covering a total area of 11.5 million acres.

Calvalley intends to focus on acquiring additional exploration concessions in the Middle East and Africa. We are currently assessing opportunities in these areas of geographic interest.