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

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...