Calvalley to liquidate due to crisis in Yemen

Canadian oil and gas producer Calvalley Petroleum Inc.’s (TSX: CVI.A) board of directors has decided to restructure and liquidate the company. Subsequently, Calvalley will enter into an arrangement agreement with Calvalley Energy Ltd. (CVE), a wholly owned subsidiary of Calvalley organized in Cyprus, pursuant to which Calvalley and CVE will complete a plan of arrangement under the Canada Business Corporations Act.

The company’s liquidation plans stem from the current political unrest in Yemen, where Calvalley has most of its operations. Calvalley has a 50% working interest in an oil and gas block owned by Yemen.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...