TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, March 12 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" /
the "Company") today announced the following:
- That after producing a total of 686 m(3) (4,315 Bbls) of oil and
429 10(3) m(3) (15.1 mmcf) of gas, the ST #2 well ceased
flowing and is currently shut in. A preliminary analysis of the well
production data by CIVC's engineering consultant, Trimble Engineering
of Calgary, Alberta ("TEAL"), suggests that the current lack of liquid
flow is likely due to one of several possible mechanical problems in
the wellbore and/or the wellbore-reservoir interface. No immediate
water production problems are evident and TEAL conclude that
significant reservoir depletion is unlikely. This conclusion on the
lack of reservoir depletion is in accordance with the opinion expressed
by PDI Production Inc.'s reservoir engineering consultant, Klaus
Eriksen which was the basis of CIVC's February 5, 2007 News Release.
Further investigations are necessary to determine the nature of the
problem in the ST #2 well more precisely and to identify
the required remedial actions.
- Steven Millan, CIVC's Chairman announced that Mr. Alex Lamb has
resigned from the Board of the Company, effective March 6, 2007. "On
behalf of the Board, I extend our thanks for the contribution that
Mr. Lamb has made and we wish him continuing success and good
fortune," said Mr. Millan.
For further information, please contact the Company.
CANADIAN IMPERIAL VENTURE CORP.
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, firstname.lastname@example.org,