Calvalley Petroleum Inc.

Governance

• Board of Directors
  • Board of Directors’ Mandate
• Code of Business Conduct and Ethics
• Whistleblower Policy
• Committees
  • Reserves Committee
  • Audit Committee
  • Compensation Committee
  • Disclosure Committee
  • Corporate Governance Committee
• Position Descriptions
  • Chairman
  • Chief Executive Officer

Position Description for the Chief Executive Officer

Role and Objective

The Chief Executive Officer (“CEO”) is responsible for the management of the business of Calvalley Petroleum Inc. and its subsidiaries (collectively, the “Corporation”) and works to achieve the corporate goals and objectives that the Board of Directors (the “Board”) approves from time to time. The legal obligation of the CEO is to act honestly and in good faith with a view to the best interests of the Corporation and, in doing so, to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. The CEO shall comply with all statutory requirements and shall act with a view to the best interests of the Corporation and with an aim of optimizing shareholder value.

Scope, Duties and Authority

The CEO’s scope, duties and responsibilities include, but are not limited to, the following:

1. Maintaining a high level of integrity and assisting in creating a culture of integrity throughout the Corporation.
2. Working with the Board to determine the strategic direction of the Corporation.
3. Leading and assisting the Board in developing short-term and long-term plans and objectives to achieve the strategies of the Corporation.
4. From time to time, determining with the Board, the budgets and the Board’s expectations of the CEO.
5. Undertaking the day-to-day management and operation of the Corporation and providing leadership to achieve the objectives of the Corporation.
6. Stewarding the Corporation’s expenditures within approved budgets.
7. Developing senior management succession and development plans and reporting to the Board at least annually on such plans, including recommending candidates for appointment as officers and senior management of the Corporation to the Board.
8. Ensuring appropriate policies and procedures of the Corporation are developed, maintained and disclosed.
9. Providing appropriate certifications regarding the Corporation and its activities, both domestic and international, as may be required from time to time.
10. Ensuring that procedures are in place for appropriate communication to all stakeholders regarding the Corporation’s activities and objectives.
11. Complying with all stock exchange, regulatory and statutory requirements.