TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, March 31 /CNW/ - Canadian Imperial Venture Corp. ("CIVC"/the
"Company") has been informed by the operator, Shoal Point Energy Ltd. ("SPE")
that the Shoal Point et al 2K-39 well ("2K-39 well") is proceeding as planned.
The well is drilling ahead at a measured depth of 874 meters and a true
vertical depth of 741 meters in shales of the Humber Arm Allochthon. The 2K-39
well is being operated by SPE on behalf of the company and its partners, CIVC
and PDI Production Inc. ("PDIP"). It is being drilled to test the Shoal Point
prospect on Exploration Licence 1070 ("EL 1070"). Engineering and project
management services are being provided by Dragon Lance Management of Nisku,
On February 29, 2008, the Company announced that it had signed an
agreement to enter into a friendly merger with SPE. The merged entity will
hold a minimum of 50% working interest in EL 1070, which contains the Shoal
Point and the Lourdes prospects. These prospects are large structural
closures, both of which are estimated to have upside speculative potential of
500 million barrels of oil-in-place, within rocks equivalent to the prolific
Trenton-Black River trend, which is being developed by Talisman Energy and
other companies in upstate New York and the St. Lawrence Lowlands of Quebec.
These rocks form the productive zone in the Port au Port No.1 well, 30 km to
the southwest of the 2K-39 well location currently being drilled at Shoal
On January 18, 2008, Canadian Imperial Venture Corp. announced that it
had entered into an agreement (the "Agreement") with PDIP for the disposition
of CIVC's interests in the Garden Hill properties and the granting of a
non-exclusive perpetual licence for CIVC's intellectual property. The total
consideration under this Agreement is a $5,000,000 payment from PDIP plus an
annual fee of $25,000 in relation to the perpetual licence.
The first closing under the Agreement took place on January 18, 2008 and
CIVC received $4,000,000 and out of this amount $1,000,000 was paid to CIVC
Creditor Corp. under the terms of its agreement with CIVC. The second closing
under this Agreement has now concluded and the balance of the $5,000,000 has
been settled. One half of the $1,000,000 financial consideration from the
second closing has gone to CIVC Creditor Corp. CIVC has the right to recover
the total of $1,500,000 in payments made to CIVC Creditor Corp. through a
royalty on production from the Garden Hill properties.
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.
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, email@example.com,