Clarification of Transfer of Common Shares in Calvalley Petroleum Inc.

GENEVA, SWITZERLAND--(Marketwired - Dec. 23, 2014) - Jean-Claude Chaligné and Stefan Chaligné wish to clarify certain facts contained in the news release and early warning report filed on December 22, 2014. It was previously announced that 5,354,208 class A common shares (Common Shares) of Calvalley Petroleum Inc. (Calvalley) were transferred from a private company (PrivateCo) into a trust (the Trust). However, the Common Shares remain with PrivateCo and PrivateCo was settled into the Trust. Jean-Claude Chaligné is the settlor of the Trust and Stefan Chaligné is the Investment Manager of the Trust. Stefan Chaligné still exercises control and direction over the Common Shares held by PrivateCo.

For a copy of the amended and restated early warning report setting out all of the details of the transaction, please refer to the SEDAR profile of Calvalley, or see the contact information below.