Calvalley Energy Limited

April 20, 2016 16:53 ET

Calvalley Energy Limited Announces the Release From Escrow of the Residual Amount Payable Under the Plan of Arrangement Dated April 13, 2015

CALGARY, ALBERTA--(Marketwired - April 20, 2016) - Calvalley Energy Limited is pleased to announce that it has received the clearance certificate from the Canada Revenue Agency relating to Calvalley Petroleum Inc. ("Calvalley" or the "Company") further to the Plan of Arrangement dated April 13, 2015 (the "Arrangement").

Under the terms of the Arrangement, each registered shareholder of Calvalley had a choice to elect to take: (i) a cash payment of approximately US$0.807 per common share of Calvalley ("Calvalley Shares") (the "Liquidity Option"); (ii) ordinary shares of CVE held by the Company ("CVE Shares") (the "Participation Option"); or (iii) a combination of (i) and (ii) in respect to their holdings of Calvalley Shares.

The cash payment to Shareholders of US$0.807 per share was to be paid in two installments.

The first payment of US$0.75 per share was paid on May 15th 2015 while the balance of the payment, US$0.057 per share (the "Residual Amount"), was to be held in escrow and distributed shortly after receipt of the clearance certificate from the Canada Revenue Agency.

Funds held in escrow relating to the Residual Amount will be distributed to Calvalley shareholders that elected the Liquidity Option within five business days.

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