Shoal Point 2K-39 Project Update



    Trading Symbols:
    ----------------
    TSX Venture Exchange: CQV
    Frankfurt Stock Exchange:  DFM

    ST. JOHN'S, March 17 /CNW/ - Canadian Imperial Venture Corp. (the
"Company") is pleased to report that it has been informed by the Operator,
Shoal Point Energy Ltd., that the drill bit had crossed into Offshore Lands at
23.42 hours, March 16, 2008. Under the terms of the first extension of
Exploration Licence 1070, drilling on the Licence was required to commence by
March 17, 2008.
    The hole was drilled vertically to 35.5 m where the conductor casing was
cemented in place. Directional drilling was commenced after drilling out of
the conductor casing and 311 mm pilot hole is being drilled to the surface
casing point. The pilot hole will then be opened up to 444.5 mm prior to
running the surface casing. As at midnight, March 16, the well depth was 567 m
and the hole angle was approximately 38 degrees.

    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.

    "Steven Millan"
    ---------------
    Steven 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, info@canadianimperial.com;
www.canadianimperial.com

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Canadian Imperial Venture Corp.

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