Transfer of Common Shares in Calvalley Petroleum Inc.

GENEVA, SWITZERLAND--(Marketwired - Dec. 22, 2014) - Jean-Claude Chaligné and Maria Chaligné announce that they have transferred a total of 5,354,208 class A common shares (Common Shares) of Calvalley Petroleum Inc. (Calvalley) and no longer personally hold any Common Shares of Calvalley. Mr. and Mrs. Chaligne transferred 5,354,208 Common Shares of Calvalley to a private company (PrivateCo) (the Transaction). Jean-Claude Chaligné is the sole shareholder of PrivateCo and Stefan Chaligné manages the assets owned by PrivateCo, including but not limited to the Common Shares. The Common Shares were transferred on December 9, 2014 in relation to a private restructuring transaction. The transfer of Common Shares was done at a deemed price of $1.00 per Common Share, however, no direct consideration was paid.

On December 19, 2014, PrivateCo transferred 5,354,208 Common Shares into a trust (the Trust). Jean-Claude Chaligné is the settlor of the Trust and Stefan Chaligné is the Investment Manager of the Trust. Stefan Chaligné directly holds 9,279,088 Common Shares representing approximately 12.38% of the issued and outstanding Common Shares. As a result of the Transaction and subsequent transfer to the Trust, Stefan Chaligné now has ownership and control, directly or indirectly, of a total of 14,633,296 Common Shares representing approximately 19.53% of the issued and outstanding Common Shares (9,279,088 Common Shares held directly and 5,354,208 Common Shares held through the Trust, over which he has power and control).

For a copy of the early warning report to be filed in respect of the above transaction, please refer to the SEDAR profile of Calvalley or contact: