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.

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