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Calvalley Petroleum Inc.

2004 News Releases

December 17th, 2004 Calvalley Petroleum Spuds Hiswah-3 Appraisal Well

October 27th, 2004 Calvalley Petroleum Yemen Drilling Update — Government approves Second Exploration Period

September 22nd, 2004 Calvalley Petroleum — Yemen Drilling Update

September 3rd, 2004 Calvalley Petroleum — Yemen Update

August 31st, 2004 Calvalley Petroleum Appoints New Board Member

August 9th, 2004 Calvalley Petroleum appoints key Senior Managers

August 5th, 2004 Calvalley Petroleum Provides Yemen Update

July 20th, 2004 Calvalley Petroleum Provides Yemen Update

June 14th, 2004 Calvalley Petroleum Inc. Announces Additions to Board of Directors

June 8th, 2004 Calvalley Petroleum Inc. Annual Meeting & Corporate Presentation Webcast

May 21st, 2004 Calvalley Petroleum Announces Test Results of Al Roidhat 1 Well

April 29th, 2004 Calvalley Petroleum Announces Listing of Warrants on the TSX Venture Exchange

April 26th, 2004 Calvalley Petroleum Announces Second successful Appraisal well in Al Roidhat Qishn Pool

April 19th, 2004 Calvalley Petroleum Announces Spud of Second Al Roidhat Appraisal Well Block 9 Republic of Yemen

April 12th, 2004 Calvalley Petroleum Announces Conditional Approval from the TSX Venture Exchange to List Warrants

April 1st, 2004 Calvalley Petroleum Announces Successful Appraisal Well in the Al Roidhat Pool

March 22nd, 2004 Calvalley Petroleum Provides Update — Block 9, Republic of Yemen

February 27th, 2004 Calvalley Petroleum Provides Update to First Quarter Activities

February 3rd, 2004 Calvalley Petroleum Provides Yemen Update

January 27th, 2004 Calvalley Petroleum — Redeems Convertible Debentures, Farms Out 5% Working Interest in Yemen & Sells Remaining Canadian Operated Properties

January 12th, 2004 Calvalley Petroleum — Discharge of Bank Debt & Notification of Convertible Debenture Redemption

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