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Athos Limited Transfers Common Shares in Calvalley Petroleum Inc.

GENEVA, SWITZERLAND -- (Marketwired) -- 05/16/14 -- Athos Limited (Athos) announces that it has transferred 3,000,000 class A common shares (Common Shares) of Calvalley Petroleum Inc. (Calvalley) to a shareholder of Athos, Stefan Chaligne (the Transaction), reducing its ownership and control in Calvalley by 3.85%. Athos transferred the Common Shares on May 7, 2014 in relation to restructuring the shareholdings of Athos. The transfer of Common Shares was done at a deemed price of $1.62 per Common Share, however, no direct consideration was paid by Stefan Chaligne as the transfer was part of the overall restructuring of Athos. As a result of the Transaction, Stefan Chaligne now directly holds 3,000,000 Common Shares of Calvalley. Stefan Chaligne and Jean-Claude Chaligne are the only shareholders of Athos.

For a copy of the early warning report to be filed in respect of the above transaction, please refer to the SEDAR profile of Calvalley or contact:

Athos Limited
P.O. Box 5259
CH - 1211 Geneva 11

Care of Anna Wingfield
Norton Rose Fulbright Canada LLP

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