TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, July 17 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" / the
"Company") is pleased to announce that, further to its news release of
June 23, 2008, it has completed the acquisition (the "Acquisition") of 1413786
Alberta Ltd. ("Newco") which in turn had acquired the assets of En-Core
Investments Ltd. ("En-Core"). Newco is now a wholly owned subsidiary of the
Upon Closing of the transaction, Steven Millan, Gerard Edwards and Kirby
Mercer were appointed directors of Newco with Mr. Edwards taking on the
position of President.
This transaction gives CIVC an additional net 25 sections of land in
southern Alberta including an interest in a number of producing oil and gas
wells. Some of the lands acquired were jointly held between En-Core and CIVC
through CIVC's subsidiary company, USG Energy Corp. ("USG").
En-Core is a former shareholder of USG and as a result of CIVC's
acquisition of USG in May 2007 En-Core held 17.5 million warrants of CIVC
exercisable at $0.10 per share until May 2009. These warrants were cancelled
on Closing of this deal and CIVC has issued 17.5 million shares to En-Core in
exchange for all of the issued and outstanding shares of an En-Core subsidiary
thereby transferring title to 100% of the assets of En-Core to CIVC. CIVC's
total number of shares on a fully diluted basis did not increase.
The interests acquired produced approximately 20 boe per day and
contributed approximately $440,000 in Gross revenue for the year ended 2007,
which amount is expected to increase to between $600,000 and $800,000 per year
due to the significant price jumps for both oil and gas since the first
quarter of 2008.
The lands acquired include developed and undeveloped acreage
predominantly in Alberta at Black Butte, Coutts, Etzikom, Foremost, Forty
Mile, Manyberries, Pakowki, Sapphire, Warner and Yellow Lake. The working
interest of the acquired company averages 22% in developed lands, and 19% in
undeveloped lands. The acquired total Gross hectares were approximately
33,270 ha (130 sections), of which 28,318 hectares (110 sections) were
undeveloped. Total net acreage approximates 6450 hectares (25 sections), of
which approximately 5360 hectares are undeveloped.
At September 1, 2007 an independent engineering firm, Gilbert Lausten
Jung ("GLJ") had estimated P+P reserves of 50 Mboe net to the producing
assets. An updated, 51-101 compliant reserves evaluation is underway by GLJ.
Property upsides not contained or reviewed in the evaluation could
include additional gas production potential at Manyberries and Coutts from
shut-in or standing wells, development possibilities at Coutts through
equipping non active well bores, recompletions of existing zones and potential
new locations offsetting existing production, re -establishment of water
flooding operations and the potential for uphole reserves. The Coutts pools
have produced in excess of 5MM bbls to date of light, high quality oil and the
operator of the property has extensive 3-D seismic to assist in future
planning for further production enhancements.
The production from the acquired properties will provide CIVC with its
first cash flow from operations in southern Alberta and also provide
opportunities for additional development and exploration. The En-Core
subsidiary will be amalgamated with USG and the combined entity will have an
approximate net land position of 75 sections in southern Alberta.
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 M. 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;