ST. JOHN'S, Jan. 30, 2012 /CNW/ - Canadian Imperial Venture Corp. (TSXV:
CQV) ("CIVC") is pleased to announce the following update provided by
Shoal Point Energy Ltd.:
Shoal Point Energy Ltd. announced today that Dragon Lance Management
Corp. (DLMC), the Operator of the Shoal Point 3K-39 well, has received
approval to drill ahead in a new borehole (side track 3K-39z) within
the Green Point Formation. The current well, 3K-39, has been drilled to
1745 metres and cased to 1711 metres. The new side track borehole,
named 3K-39z, will be drilled by setting a whipstock at approximately
1585 metres and drilling out of casing and drilling ahead to the base
of the Green Point Formation.
As announced previously, the current work will involve a comprehensive
testing program, which will include one open hole test in the new
3K-39z borehole, and then, up to four tests out of the casing in the
existing 3K-39 borehole, subject to final regulatory approvals of the
testing program. All tests will occur within the Green Point Formation,
and will test the flow potential and reservoir characteristics of
unstimulated, fractured Green Point shales. The entire program is
expected to take up to 60 days to complete.
"This is a very exciting time for the shareholders of CIVC. As a
substantial shareholder of Shoal Point Energy, we look forward to the
ongoing progress of the west Newfoundland drilling and testing
program," said Gerard Edwards, CEO of Canadian Imperial Venture Corp.
Canadian Imperial Venture Corp. is an independent Atlantic
Canadian-based resource company.
CANADIAN IMPERIAL VENTURE CORP.
Gerard Edwards, 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: