Frankfurt Exchange: DFM
ST. JOHN'S, Feb. 22 /CNW/ - Canadian Imperial Venture Corp. ("CIVC")
announced today the following:
Drilling Update (Green Point Oil-in-Shale EL 1070 - Western
Dragon Lance Management Corporation ("DLMC"), the operator of the 3K-39
well, has informed the Company that the well has reached a depth of
742m and coring operations in the first Green Point Shale sweet spot
will commence shortly. The planned work program which includes
drilling and evaluation is expected to take up to 3 more weeks.
The 2200m test is a follow-up to the 2008 discovery of an approximately
500m thick oil-bearing section in the Green Point shale formation in
the 2K-39 well. The 2K-39 well, like all other modern wells in western
Newfoundland, was not designed for evaluation of the Green Point shale
unit and due to hole conditions, it was impossible to run a full suite
of open-hole logs or to test the prospective section at that time.
The new well, designated 3K-39, on the other hand, will twin the
discovery well through the Green Point section and is specifically
designed for its evaluation. Data acquisition will include well
cuttings, cores, open hole logs and well tests. Depending on results,
the well may be stimulated by hydraulic fracturing ("fracing") and
completed for future production. An independent engineering evaluation
by AJM Petroleum Consultants received in May 2010 provided an Unrisked
Resource Estimate for Discovered Oil -In-Place for the Green Point
shale on EL 1070 of 1.6 Billion barrels (Best Estimate) within a range
of 500 Million barrels (Low Estimate) and 5.2 Billion barrels (High
Currently, the shallow rights (Green Point shale) on EL 1070 are held
61.5% Shoal Point Energy Ltd. ("SPE") and 38.5% CIVC. Following the
drilling of the 3K-39 well the shallow rights on EL 1070 will be held
80.75% SPE and 19.25% CIVC. SPE is paying 100% of the cost of the
3K-39 well to earn 50% of CIVC's interest in EL 1070.
Land Acquisition (Green Point Oil-in-Shale EL 1120 - Western
CIVC and SPE have an Area of Mutual Interest Agreement ("AMI") covering
an area of approximately 1.2 million acres in Western Newfoundland and
the participation rights under the AMI are split 60% SPE and 40% CIVC.
Ptarmigan Energy Inc.'s ("PEI") EL 1120 lies within the AMI and is
contiguous with EL 1070 and has the potential to double CIVC and SPE's
position in the Green Point shale play.
SPE has signed a Letter of Intent with Ptarmigan Energy Inc., to acquire
an option to explore the Green Point shale on Ptarmigan's Exploration
License 1120 ("EL 1120"). The two parties will endeavour to reach a
Definitive Agreement by March 4, 2011 which will allow Shoal Point to
earn an 80% interest by drilling a Green Point test well on the
property by December 31, 2012.
Under the terms of an Area of Mutual Interest agreement with SPE, CIVC
will have the right to participate in exploration activities on EL 1120
in order to earn up to 40% of SPE's interest in the subject lands.
Following earning, the working interests in EL 1120 Green Point shallow
rights will be held as follows: SPE 48% / CIVC 32% / PEI 20%.
Canadian Imperial Venture Corp. is an independent Canadian-based energy
company, a leader in the Green Point oil-in-shale play. Eastern Canada
is the home to such developments as the Hibernia, Terra Nova, White
Rose, Sable Island, Deep Panuke, and McCully fields.
CANADIAN IMPERIAL VENTURE CORP.
By: "Gerard Edwards"
Gerard Edwards, MBA
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