Canadian Imperial Venture Corp. - Alberta Program

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

    ST. JOHN'S, July 31 /CNW/ - Canadian Imperial Venture Corp. (the
"Company" / "CIVC") is pleased to announce today that a 5-well drilling
program has commenced on its lands in southern Alberta. The Alberta program is
being carried out through its wholly owned subsidiary, USG Energy Corp. The
target of the program is the discovery and production of natural gas from very
shallow horizons in southern Alberta. To this end, the Company is working
within the framework of an unconventional geological play concept and is using
a standard geophysical method in a non-standard way.
    Over the past 12 months, the Company has concentrated on assembling a
very large land portfolio, acquiring geophysical data and refining the play
concept. In the fall of 2007, the Company engaged Mr. Warren Smart as Chief
Geologist/Exploration Manager for western Canada. Mr. Smart has been working
full time with our team of consultants to refine CIVC's model. The 5-well
program is designed to achieve proof of concept for the identified play.
Therefore, all 5 wells are being drilled as disposable slim-hole tests. In the
event of a discovery, each successful well will be twinned by a new hole
designed for production.
    The Company's southern Alberta project comprises an area of gross
108 square miles (net 75) or sections in south Alberta. Southern Alberta
provides easy access to existing pipelines and infrastructure. It consists of
some of the world's largest shallow gas deposits having around trillion cubic
feet of gas.

    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.

    "Steven Millan"
    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.

For further information:

For further information: Canadian Imperial Venture Corp., (709)
739-6700, Fax: (709) 739-6605,,

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Canadian Imperial Venture Corp.

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