Mr. Jean-Claude Chaligne reports

TRANSFER OF COMMON SHARES IN CALVALLEY PETROLEUM INC.

Jean-Claude Chaligne and Maria Chaligne have transferred a total of 5,354,208 Class A common shares of Calvalley Petroleum Inc. and no longer personally hold any common shares of Calvalley. Mr. and Mrs. Chaligne transferred 5,354,208 common shares of Calvalley to a private company (PrivateCo). Mr. Chaligne is the sole shareholder of PrivateCo, and Stefan Chaligne manages the assets owned by PrivateCo, including but not limited to the common shares. The common shares were transferred on Dec. 9, 2014, in relation to a private restructuring transaction. The transfer of common shares was done at a deemed price of $1 per common share; however, no direct consideration was paid.

On Dec. 19, 2014, PrivateCo transferred 5,354,208 common shares into a trust. Jean-Claude Chaligne is the settlor of the trust, and Stefan Chaligne is the investment manager of the trust. Stefan Chaligne directly holds 9,279,088 common shares, representing approximately 12.38 per cent of the issued and outstanding common shares. As a result of the transaction and subsequent transfer to the trust, Stefan Chaligne now has ownership and control, directly or indirectly, of a total of 14,633,296 common shares, representing approximately 19.53 per cent of the issued and outstanding common shares (9,279,088 common shares held directly and 5,354,208 common shares held through the trust, over which he has power and control).

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: Jean-Claude Chaligne/Stefan Chaligne, care of Credit Agricole Suisse Conseil SA, 11 rue du Marche, P.O. box 5259, CH-1211, Geneva 11, Switzerland.