Frankfurt Exchange: DFM
ST. JOHN'S, NL, Jan. 28 /CNW/ - Canadian Imperial Venture Corp. (the
"Company" / "CIVC") takes pleasure in presenting the following
information on the Green Point oil-in-shale project in the Port au Port
Bay area in Western Newfoundland:
Drilling: The DLMC et al Shoal Point 3K-39 well is currently at the
surface casing point. The surface hole is on target and the next
operation will be to run and cement 244.5mm casing to surface. Since
the current well is twinning the earlier 2K-39 well, the geology in the
two wells correlates very closely, as expected.
Project Research: In order to maximize our understanding of the Green
Point shale play, and to plan the current well, the project group has
conducted or commissioned a number of investigations. These include
outcrop sampling; petro-physical re-interpretation of well logs;
geophysical re-mapping; resource estimating and a re-evaluation of the
K-39 drillstem test.
As part of this program, we have examined closely the information
provided by the 2K-39 well. In the course of so doing, it has been
noted that certain statements to the effect that 2K-39 flowed some 54
bbls of oil into the wellbore are not substantiated by the well
records. In fact no oil flowed from the formation into the wellbore
and the well was at all times under control. The source of the oil
which was observed in the mud was from oil liberated by cuttings from
the thick oil-bearing shale being penetrated by the drill.
"The results of our investigations are adding a great deal to our
understanding of this exciting unconventional oil-in-shale play in
western Newfoundland and I am greatly encouraged. Results of an
earlier independent resource estimate by AJM Petroleum Consultants of
Calgary, Alberta indicated that the Discovered Oil-in-Place potential
resource is large. The current 3K-39 well is designed to gather key
information on the producibility of the resource," said Steven Millan,
Chairman and CEO of Canadian Imperial Venture Corp.
Canadian Imperial Venture Corp. is an independent Canadian-based energy
company, a leader in the Green Point oil-in-shale play. 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
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:
Canadian Imperial Venture Corp.
P.O. Box 6232, Stn. C
St. John's, NL A1C 6J9
Tel.: (709) 739-6700 / Fax: (709) 739-6605 / E-mail: email@example.com / website: www.canadianimperial.com