Canadian Imperial Venture Corp. - News Release

    
    TSX-V: CQV
    Frankfurt Exchange: DFM
    

ST. JOHN'S, May 10 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" / the "Company") is pleased to release the results of a resource evaluation of Exploration Licence 1070, Offshore West Coast, Newfoundland carried out by AJM Petroleum Consultants ("AJM"), Calgary. The report was commissioned by CIVC, Shoal Point Energy Limited and McLaren Resources for corporate planning purposes and for corporate reporting pursuant to Part 5 Section 5.9 of Natural Instrument 51-101. The full report will be posted on the Company's website (www.canadianimperial.com) and Sedar filed.

The report documents the results of AJM's independent evaluation, with the following table summarizing the Unrisked Estimates for oil within the Cow Head Group/Green Point shale horizon, within Exploration Licence 1070:

    
    Cow Head Group - Green Point shale
    -------------------------------------------------------------------------
                                                 Low*    Best*    High*
                                              -------------------------------
    Area                      acres             35,000     54,544     85,000
    Gross Thickness           feet               262.4      745.1    2,115.6
                              metres              80.0      227.2      645.0
    Net to Gross Ratio        fraction             0.3        0.4        0.5
    Porosity                  fraction            0.04       0.05       0.08
    Hydrocarbon Saturation    fraction            0.20       0.32       0.50
    Shrinkage                 fraction            0.70       0.79       0.90
    Recovery Factor           fraction            0.03       0.04       0.06
    -------------------------------------------------------------------------
    Discovered Oil            Billions of
     Initially-In-Place*     barrels oil    0.464858   1.555937   5.207916
    Contingent Resource*    Millions of
                               barrels oil      18.534     63.202    215.522
    -------------------------------------------------------------------------
    

"The estimated resource is large and the greater part is now classified as "Discovered Oil Initially-in-Place" which is an advance on earlier estimates where the resource was classified as "Undiscovered". We believe that continued exploration and delineation of the deposit, as well as the advancement of technology for its recovery, will establish a large and very valuable oil reserve. Moreover, this is oil-in-place, as opposed to natural gas. Oil is particularly attractive to us, both because of its relative ease of transport to market and anticipated future pricing," said Steve Millan, CEO of CIVC.

In presenting this estimate, the consultants note that the accuracy of any resource estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While the resource estimates presented herein are considered reasonable, and adhere to the COGE Handbook and NI 51-101 (as applicable), the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward. There is no certainty that it will be commercially viable to produce any portion of the resources.

AJM is independent of the commissioning companies (the "Companies") as provided in the standards pertaining to the estimating and auditing of oil and gas resource information included in the Canadian Oil and Gas Evaluation Handbook set out by the Society of Petroleum Evaluation Engineers ("SPEE") and the Association of Professional Engineers, Geologists and Geophysicists of Alberta ("APEGGA").

In the course of the evaluation, the Companies provided AJM with basic information which included ownership and well information, reservoir and geologic studies, budget forecasts, and historical well cost data. Other engineering, geological or economic data required to conduct the evaluation and upon which the report is based were obtained from public records, other operators and from AJM non-confidential files.

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.

    By: "Steven M. Millan"
        ------------------
    Steven M. Millan, P.Geo.
    Chairman and CEO



    * Discovered Petroleum Initially-In-Place (equivalent to discovered
        resources) is defined as that quantity of petroleum that is
        estimated, as of a given date, to be contained in known accumulations
        prior to production.
    * Contingent Resources are those quantities of petroleum estimated, as
        of a given date, to be potentially recoverable from known
        accumulations using established technology, or technology under
        development, but which are not currently considered to be
        commercially recoverable.
    * The resource numbers are categorized as "Low", "Best" and "High" high
        estimates, which are the result of probability Analysis to capture
        the uncertainty inherent in reservoir parameters. In the case of Low
        Estimate, these should be at least a 90% probability (P90) that the
        qualities actually recovered will equal or exceed the estimate. In
        the Best Estimate, there should be at least a 50% probability that
        the qualities actually recovered will equal or exceed the estimate.
        Similarly, in the case of the High Estimate, there should be at least
        a 10% probability (P10) that the qualities actually recovered will
        equal or exceed the estimate. As defined by the Canadian Oil and Gas
        Evaluation Handbook, the P50 estimate is the "best estimate" for
        reporting purposes.
    

Cautions:

AJM caution that this report contains forward looking statements including expectations of future capital expenditures. Information concerning resources may also be forward looking, as estimates imply that the resources described can be profitably produced in the future. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause the actual results to differ from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resources estimates; the uncertainty of estimates and projections relating to costs and expenses, political and environmental factors) and commodity price and exchange rate fluctuation.

Recommendation:

For greater understanding, it is recommended that the AJM report be read in its entirety. As stated above it may be accessed on the Company website (www.canadianimperial.com).

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.

SOURCE Canadian Imperial Venture Corp.

For further information: For further information: Canadian Imperial Venture Corp., (709) 739-6700, Fax: (709) 739-6605, info@canadianimperial.com, www.canadianimperial.com

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