TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, Sept. 2 /CNW/ - Canadian Imperial Venture Corp. (the
"Company") has concluded a previously announced 5-well drilling program on the
Company's lands in southern Alberta.
Three out of 5 wells tested natural gas and due to contractual depth
limitations the other 2 wells were not drilled deep enough to test the
The 5-wells drilled were disposable slim-hole tests. The fact that 3 out
of 5 wells tested gas means that the program achieved its intended goal
providing proof of concept for the identified play. The Company is now
assessing well logs and test data for the purpose of planning and designing
twin production wells to determine whether or not the discovery is
"We are very excited with the drilling results in southern Alberta," said
Gerard Edwards, President of USG Energy Corp. "Testing significant gas in
3 out of 5 wells gives us confidence that our model is working and encourages
the Company to push forward with plans to expand our land position and ramp up
our drilling program."
The Company's southern Alberta project comprises an area of gross
108 square miles (net 75) or sections in south Alberta. Southern Alberta
provides easy access to existing pipelines and infrastructure. It consists of
some of the world's largest shallow gas deposits having around trillion cubic
feet of gas.
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, firstname.lastname@example.org,