2K-39-Z Operations Update



    Trading Symbols:
    TSX Venture Exchange: CQV
    Frankfurt Stock Exchange: DFM

    ST. JOHN'S, NL, June 27 /CNW/ - Canadian Imperial Venture Corp. ("CIVC")
has been informed by the operator, Shoal Point Energy Limited ("SPE") that the
drill-off of the cement plug and side tracking around the "FISH" was commenced
June 26, 2008. It is expected to take 2 to 3 days to successfully drill around
the "FISH" that was left in the hole. The well will then continue directional
drilling of 216 mm (8 1/2") hole to the top of the primary target of the
Aguathuna section below the 244 mm (9 5/8") intermediate casing which is set
at 2750 m. The well depth at 24:00 hrs, June 26 was 2768 m.
    Please note that the official well name is now 2K-39-Z as the "Z" is the
sidetrack designation from the Canada-Newfoundland and Labrador Offshore
Petroleum Board ("CNLOPB"). The next operations update will be provided in 7
days time or on occurrence of a material event.

    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"
    ---------------
    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, info@canadianimperial.com,
www.canadianimperial.com

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Canadian Imperial Venture Corp.

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