Calvalley Petroleum finds new oil pool in test at Hiswah-5 appraisal well in Yemen [Archives:2005/850/Local News]

June 13 2005

CALGARY (CP) _ Calvalley Petroleum Inc. has found a potentially lucrative new oil pool at its Hiswah-5 horizontal appraisal well in Yemen, the company said Wednesday.

The production test also confirmed the size and potential of the Hiswah Saar oilfield, it added.

The test found the well has an average flow rate of 980 barrels of oil per day, the company said.

The presence of oil is a new and exciting development'' in the Hiswah field and the company will be evaluating the extent of the discovery with additional surveys and drilling later this year, it said.

Hiswah-5 is the third of several horizontal appraisal wells planned for the Hiswah field.

On the TSX Venture Exchange, Calvalley's shares (TSXV:CVI.A) closed up 15 cents at $2.90.