Calvalley Petroleum: stock options granted [Archives:2005/813/Local News]

CALGARY- Calvalley Petroleum Inc. is a Calgary-based oil and gas exploration and development company with current activities in the Republic of Yemen. Calvalley's Class “A” Common Voting Shares and Warrants are traded on the TSX Venture Exchange.

The company announces that on January 5, 2005 the Board of Directors authorized the granting of options to consultants to the company to acquire 345,000 common shares of the company at $1.60 per share. The options vest over a three year period at one-third each year and expire January 5, 2010. The company further announces that the Board of Directors previously authorized, in August 2005 the granting of options to acquire common shares of the company as follows. To officers of the company on August 3 and 9, 2005, 150,000 and 50,000 shares at $1.28 per share and $1.40 per share respectively. The options to acquire 150,000 shares vest over a three year period at one-third each year and the options to acquire 50,000 shares vested immediately. To a director of the corporation on August 24, 2005 options to acquire 150,000 common shares at $1.40 per share which options vested immediately. All options expire on their fifth anniversary date.
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