TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, July 21 /CNW/ - Canadian Imperial Venture Corp. (the
"Company" / "CIVC") has been informed by the operator, Shoal Point Energy
Limited ("SPE") that drilling and logging operations on the 2K-39-Z well have
been completed. A preliminary interpretation of the logs of the final section
of the hole in the St. George's Group did not identify the presence of any
As previously reported, significant shows of gas were encountered while
drilling the Green Point shale in the intermediate part of the hole. Open-hole
logs could not be run before this section was cased off. Cased-hole logs were
therefore run over this section of the hole as part of the final logging run.
Interpretation of these logs is ongoing.
The Company has also been informed by the Canada-Newfoundland and
Labrador Offshore Petroleum Board ("CNLOPB") that the 2K-39-Z well has
validated Exploration Licence 1070 (EL1070) until January 15, 2011.
Consequently, the Company's Western Newfoundland activities will be
concentrated on the following:
- reviewing the prospectivity of the St. George's Group play in the Shoal
- following up on the Green Point shale play lead;
- pursuing the Lourdes play lead in the north-western part of EL1070
which is in a different, less complex structural domain than Shoal
"We are, of course, disappointed with the results from the St. George's
Group," said Steve Millan, the Company's CEO. "On the other hand, the Green
Point shale results are encouraging and have launched the Company into a play
type which is achieving enormous interest across North America. The fact that
the exploration licence is valid for another three years, gives us time to
integrate information from the well into an overall program for Newfoundland.
The Company will also continue its active shallow gas program in Alberta."
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;