ST. JOHN'S, Jan. 17, 2012 /CNW/ - Canadian Imperial Venture Corp. (TSXV:
CQV) ("CIVC" / the "Company") is pleased to announce the following:
The Company has been notified by Shoal Point Energy Ltd. ("SPE") that a
deal has been reached with NWest Energy Corp. whereby SPE will acquire
a 100% working interest in all rights in EL 1079R, comprising
approximately 500,000 acres, in the immediate offshore area of western
Newfoundland. This licence is contiguous with EL 1120 and EL 1070.
Payment is to be made in three stages as follows:
annual refundable drilling deposits of $1,000,000 (to the regulatory
an initial 2,000,000 shares and 2,000,000 warrants of SPE will be issued
to acquire the 100% working interest;
an additional payment at the time of spudding a well on this property of
4,000,000 shares and 4,000,000 warrants of SPE, and the grant of a 2%
gross overriding royalty, 0.75% of which can be repurchased by SPE.
A well must be spudded on the license by January 15, 2014. The license
covers the extent of the Green Point Oil-in-Shale in the northern half
of the western Newfoundland offshore area. It is expected that much of
this licence area can be exploited from land.
The agreement will enable Shoal Point Energy to increase its gross
acreage position in the Green Point Oil-in-Shale from 217,000 to
approximately 720,000 acres.
Shoal Point Energy also announced today that cased-hole operations
continue at its Shoal Point 3K-39 location; this stage of operations is
expected to last 7-10 days and will prepare the cased borehole for
sidetracking (3K-39z) and deepening of the well. Shoal Point Energy
and Dragon Lance Management Corporation continue to work diligently
with the Canada Newfoundland Offshore Petroleum Board to finalize all
approvals for the deepening and testing of the well, and it is expected
that all approvals will be forthcoming.
"As a significant shareholder of Shoal Point Energy Ltd. we are very
excited about today's announcement. The acquisition of NWest lands
will effectively triple the Green Point Oil-in-Shale acreage held under
license by SPE thereby significantly enhancing the potential value for
the shareholders of CIVC," said Gerard Edwards, President and CEO of
Canadian Imperial Venture Corp.
Canadian Imperial Venture Corp. is an independent Atlantic
Canadian-based resource company.
CANADIAN IMPERIAL VENTURE CORP.
President and CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ACCURACY OF THIS PRESS RELEASE.
This release includes certain forward looking statements which reflect
beliefs, expectations, objectives and goals which are believed to be
reasonable at the time such statements are made. Actual results could
differ materially from anticipated results and may be impacted upon
such factors as commodity prices, political developments, legal
decisions, market and economic conditions, industry competition, the
weather, changes in financial markets and changing legislation.
SOURCE CANADIAN IMPERIAL VENTURE CORP.
For further information:
Canadian Imperial Venture Corp.
P.O. Box 6232, Stn. "C"
St. John's, NL A1C 6J9
Tel.: (709) 739-6700 / Fax: (709) 739-6605
E-mail: email@example.com / website: www.canadianimperial.com