FOR IMMEDIATE RELEASE

Calgary, Alberta, May 12, 2015 - Calvalley Petroleum Inc., (TSX: CVI.A) announces successful completion of restructuring and liquidation pursuant to a plan of arrangement

involving its wholly-owned subsidiary, Calvalley Energy Limited


Calvalley Petroleum Inc. ("Calvalley" or the "Company") is pleased to announce the successful completion of its previously announced restructuring and liquidation of the Company pursuant to a plan of arrangement involving Calvalley Energy Limited (a wholly-owned subsidiary of Calvalley organized in Cyprus) ("CVE") under the Canada Business Corporations Act (the "Arrangement").
Pursuant to the Arrangement, the former holders of common shares of Calvalley ("Calvalley Shares")
elected to receive cash payments of approximately US$48.1 million at US$0.807 per Calvalley Share. The
2,010,000 issued and outstanding shares of CVE held by Calvalley will be allocated pro-rata between former holders of common shares of Calvalley who elected approximately 14,769,436 common shares of Calvalley for shares in CVE (the "Participation Option"), including 11,763,799 common shares of Calvalley that elected the Participation Option pursuant to the Support Agreements. The cash payment payable to shareholders who elected to receive such payment in respect of their Calvalley Shares (the "Liquidity Option") is payable in two installments. The first payment of US$0.75 per share will be paid on May 15,
2015 and the balance of the payment, US$0.057 per share, will be held in escrow and distributed to shareholders electing the Liquidity Option when the conditions outlined in the Arrangement are fulfilled.
Effective May 12, 2015, the Calvalley Shares were delisted from the Toronto Stock Exchange and Calvalley ceased to exist as a corporate entity.
A copy of the arrangement agreement and the information circular and related documents are available on Calvalley's profile at www.sedar.com.

For additional information, please contact:

investorrelations@calvalleypetroleum.comor +1 (403) 297-0490

Edmund Shimoon, Chairman and CEO Gerry Elms, CFO

LEGAL_CAL:11874993.1

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