Frankfurt Exchange: DFM
ST. JOHN'S, Dec. 23 /CNW/ - Canadian Imperial Venture Corp ("CIVC" / the
"Company") announced today that the Company had received notification
on December 21, 2010 from Dragon Lance Management Company ("Dragon
Lance" / the "Operator") that there were deficiencies in several of the
applications required to be filed and approved by the regulatory
authorities prior to receiving approval to drill. The filing of these
applications is the responsibility of the Operator, Dragon Lance, who
was notified of these problems directly by the regulatory authorities.
The delay in receiving the necessary approvals increases the risk that
the drilling of the well will not be initiated by the expiry date of
the license, January 15, 2011.
The Operator and senior management from both CIVC and their joint
venture partner Shoal Point Energy Ltd. are in St. John's, NL, to
address the deficiencies in the filings with the regulators.
Canadian Imperial Venture Corp. is an independent Canadian-based energy
company, a leader in the Green Point oil-in-shale play. 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.
By: "Steven M. Millan"
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 priées, political developments, légal
décisions, market and économie conditions, industry compétition, the
weather, changes in fmancial markets and changing législation.
SOURCE Canadian Imperial Venture Corp.
For further information: For further information:
Canadian Impérial Venture Corp.
P.O. Box 6232, Stn. C
St. John's, NL A1C 6J9
Tel.: (709) 739-6700 / Fax: (709) 739-6605 / E-mail: firstname.lastname@example.org / website: www.canadianimperial.com