Calvalley is the Operator of Block 9 pursuant to the Joint Operating Agreement between Calvalley, HoodOil Ltd., Reliance Industries Limited and a subsidiary of the Yemen Oil and Gas General Corporation, an entity owned by the Government of Yemen (Yemen Co.). Yemen Co.'s interest under the JOA consists of an override of 15% of the joint venture's allocation of profit oil under the PSA, less applicable income taxes.

Calvalley is the Operator and has a 50% working interest.

Reliance Industries, India's largest company, has a 25% working interest.

HoodOil, one of Yemen's largest diversified companies and part of the Hayel Saeed Anam Group, has a 25% working interest.