Athos Limited Transfers Common Shares in Calvalley Petroleum Inc.

GENEVA, SWITZERLAND--(Marketwired - May 16, 2014) - Athos Limited (Athos) announces that it has transferred 3,000,000 class A common shares (Common Shares) of Calvalley Petroleum Inc. (Calvalley) to a shareholder of Athos, Stefan Chaligné (the Transaction), reducing its ownership and control in Calvalley by 3.85%. Athos transferred the Common Shares on May 7, 2014 in relation to restructuring the shareholdings of Athos. The transfer of Common Shares was done at a deemed price of $1.62 per Common Share, however, no direct consideration was paid by Stefan Chaligné as the transfer was part of the overall restructuring of Athos. As a result of the Transaction, Stefan Chaligné now directly holds 3,000,000 Common Shares of Calvalley. Stefan Chaligné and Jean-Claude Chaligné are the only shareholders of Athos.

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: