UPDATE 1-Canadian oil company to liquidate due to crisis in Yemen

April 9, 2015 6:51 PM

52 0

CALGARY, Alberta, April 9 (Reuters) - Canadian oil and gas producer Calvalley Petroleum Inc said on Thursday it will liquidate and restructure due to the political crisis in Yemen, where it has almost all of its operations.

The Calgary-based junior has a 50 percent working interest in a block in Yemen's Sayun-Masila Basin, producing 3,700 barrels per day gross, but was forced to shut down production on Tuesday as conflict in the Middle Eastern country escalated.

Also read: Tesla says it hopes to work with Panasonic on solar energy

Read more

To category page