TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, NL, June 28 /CNW/ - In a News Release dated May 25, 2007,
Canadian Imperial Venture Corp. ("CIVC" / the "Company") announced that it had
completed the acquisition of USG Energy Corp. ("USG") of Calgary, Alberta,
having met all of the requirements of the Letter of Intent and of the
TSX-Venture Exchange. USG is now a wholly-owned subsidiary of CIVC and the
activities of USG in Alberta will compliment the Company's western
Newfoundland operations to provide increased balance, stability and
opportunity for profit.
Since the closing of the acquisition, the Company has established an
office in Calgary, Alberta under the direction of Mr. Gerard Edwards, CFO of
CIVC who takes on additional responsibilities as President of USG. The Company
has also identified its operating targets for the next 12 months which include
a 10 well drilling program, a geophysical program covering some four townships
(144 square miles) and a land acquisition program to increase its Alberta
holdings by 40%. Current land holdings are 82 Sections gross, 50 Sections net
(1 Section = 1 square mile). The drilling prospects were identified by
geological and geophysical work carried out by USG prior to the acquisition.
It is anticipated that permitting for the first well in the planned multi-well
program, will be completed within a month.
In October 2006, the Company participated in the drilling of a shallow
gas well in southern Alberta through a Farmin Agreement with En-Core
Investments Ltd. of Calgary, Alberta. The Company has now been informed by the
Operator, that testing of a 20 meter zone which appeared to be gas bearing on
logs produced no commercial gas. The well has therefore been suspended pending
further evaluation of the test results.
CANADIAN IMPERIAL VENTURE CORP.
"Steven M. Millan"
Steven M. Millan, P.Geo.
Chairman and CEO
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Canadian Imperial Venture Corp., (709)
739-6700, Fax: (709) 739-6605, email@example.com,