TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, NL, June 20 /CNW/ - Canadian Imperial Venture Corp. ("CIVC")
has been informed by the operator, Shoal Point Energy Limited ("SPE") that
pressure testing of the casing and blowout preventers is complete and a cement
plug has been set on top of the fish. A decision was made to bring in
equipment to avoid drilling problems which were encountered while drilling the
Aguathuna Formation in the Hunt Port au Port #1 discovery. This equipment is
coming in from Alberta and it is anticipated that drilling of the prospective
horizons will commence sometime in the coming week. While not absolutely
necessary, setting the cement plug and bringing in additional equipment is
considered to be prudent to avoid potentially costly problems in the next
phase of the operations.
Canadian Imperial Venture Corp. is an independent Canadian-based energy
company with interests in petroleum exploration and development in western
Newfoundland and in western Canada. 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.
Steven Millan, P.Geo.
Chairman 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.
For further information:
For further information: Canadian Imperial Venture Corp., (709)
739-6700, Fax: (709) 739-6605, email@example.com,