New CFO.Gerry J. ElmsCALGARY, June 8, 2011 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" orthe "Company") is pleased to announce the appointment of Mr. Gerry J.Elms, B.Sc. C.A. as Chief Financial Officer effective June 14, 2011.
Mr. Elms has over 30 years of experience with major players in Canada'soil and natural gas industry. Gerry is a Chartered Accountant andholds a Bachelor of Science degree in Mathematics and Economics fromNottingham University, England.
From 1997 to 2005, Mr. Elms was Vice President, Finance and CorporateSecretary of Penn West Petroleum Ltd. Mr. Elms joined Penn West in 1994as part of the management team that executed a strategy tosignificantly increase production and reserves, as well as shareholdervalue, through a combination of organic growth and corporateacquisitions. Since 2005, Mr. Elms has been Vice President, Finance andCFO at two private start-up oil and gas companies. From 1981 until hejoined Penn West, Mr. Elms held various financial management positionswith Petro-Canada and NOVA Corporation.
Calvalley views the appointment of Mr. Elms as an important step in thedevelopment of the Company's aggressive growth strategy. Mr. Elms willhave responsibility for all financial evaluation and execution aspectsof that strategy. His extensive experience with and contacts in theglobal financial industry will assist in the implementation of the mostefficient program of value maximization for Calvalley shareholders.
Mr. Edmund Shimoon, the Company's Chief Executive Officer, says "I'mvery pleased that Gerry has signed on to work with our team. Gerry andI worked closely together in the 1980's. His enthusiasm, work ethic,knowledge and experience will provide significant leadership to ourteam as we move to significantly grow production and shareholder valueat Calvalley. Gerry and I will be working to implement the Company'saggressive strategy for growth.
Mr. Shimoon is also pleased to announce that Mr. Zacharie Magnan, whohas been the Acting CFO of Calvalley, will continue his significantservice with the Company as Vice-President of Finance.