Athos Limited acquires interest in Calvalley Petroleum Inc.

GENEVA, SWITZERLAND--(Marketwire - Jan. 29, 2013) - Athos Limited ("Athos") announces that is has ownership and control of 9,445,129 class A common shares ("Common Shares") of Calvalley Petroleum Inc. ("Calvalley") representing approximately 10% of the issued and outstanding Common Shares. Athos acquired 646,700 Common Shares on January 25, 2013 (trading date) through the facilities of the Toronto Stock Exchange at a price of $2.07 per Common Share for 600,000 Common Shares and $2.0749 per Common Share for 46,700 Common Shares. The Common Shares were acquired for aggregate cash consideration of approximately $1,338,897. The Common Shares of Calvalley were purchased by Athos for investment purposes.

Stefan Chaligné, Jean-Claude Chaligné and Maria Chaligné are beneficial owners of three corporations which are the only shareholders of a private corporation, which in turn is the sole shareholder of Athos. None of Stefan Chaligné, Jean-Claude Chaligné and Maria Chaligné are directors or shareholders of Athos, however each of them holds Common Shares of Calvalley in their own name. Stefan Chaligné exercises control and direction over and beneficially owns 344,921 Common Shares of Calvalley in his own name. Jean-Claude Chaligné and Maria Chaligné exercise control and direction over and beneficially own 765,000 Common Shares of Calvalley in their own name.

Athos is a part owner of a private fund which was wound up as of December 31, 2012 and which also holds Common Shares of Calvalley. The administrator of the private fund is in the process of distributing its assets. As a result, Athos will receive an additional 6,117,893 Common Shares, and Stefan Chaligné will receive 429,466 Common Shares of Calvalley.

Further, it is the intention of Stefan Chaligné, Maria Chaligné and Jean-Claude Chaligné to consolidate their individual holdings of Common Shares of Calvalley under Athos. The holding of Athos should be then increased by approximately 1,539,386 Common Shares of Calvalley.

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 Athos Limited.