Canadian Imperial Venture Corp. - 3K-39 Drilling Update - Western
Newfoundland

Trading Symbols:
TSX-V: CQV
Frankfurt Exchange: DFM

ST. JOHN'S, NL, Dec. 16 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" / the "Company") is pleased to provide the following progress report on the planned 3K-39 well on EL 1070 in Western Newfoundland.  Dragon Lance Management Company, Operator of the well, has informed the Company that Nabors Rig #112 is now available for transport and that Crane-Tec Services Inc. have been contracted to deliver the rig to the drill site from its current location in New Brunswick.  Marine Contractors Limited will carry out the necessary site work prior to the rig's arrival and it is expected that the rig will be in place and ready to commence operations on or about December 31, 2010.

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.

For further information:

Canadian Imperial Venture Corp.
P.O. Box 6232, Stn. C
St. John's, NL   A1C 6J9
Tel.: [phone] / Fax: [phone] /
E-mail: [email protected] / website: www.canadianimperial.com