TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, NL, Jan. 15 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" /
the "Company") is pleased to announce that it has been advised by the
Canada-Newfoundland and Labrador Offshore Petroleum Board ("CNLOPB") that its
fundamental decision to extend Period 1 of Exploration Licence 1070 ("EL1070")
by 60 days has been approved by both the Provincial and Federal Ministers.
Period 1 will now expire on March 17, 2008 unless drilling is commenced by
Interest holders in EL1070 are PDI Production Inc. ("PDIP") 60% and CIVC
40%. Shoal Point Energy Ltd. ("SPE") has farmed in to earn an interest in
EL1070 by drilling the planned onshore to offshore 2K39 well. After-earning
interests in the EL1070 block will be SPE 56%, PDIP 32% and CIVC 12%. The well
will also validate the Licence until January 15, 2011. Drilling plans by SPE
are well developed and further information on the program will be released to
the public as it becomes available.
"This extension was absolutely critical to maintaining the momentum of
the West Coast play. The CNLOPB and the relevant Ministers are to be commended
for their foresight," said Steve Millan, Chief Executive Officer of CIVC.
"Also to be commended are the interest holders and SPE who have worked
tirelessly to bring this exploration program together."
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.
CANADIAN IMPERIAL VENTURE CORP.
Steven 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, firstname.lastname@example.org,