Canadian Imperial Venture Corp. - News Release

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

    ST. JOHN'S, Oct. 22 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" / the
"Company") is pleased to announce that PDI Production Inc. ("PDIP") and Shoal
Point Energy Limited ("SPE") have informed the Company that they both intend
to commence drilling before the end of 2007 on Exploration Licence 1070 and
Production Lease 2002-01 respectively. For this purpose, both operators will
be bringing in large triple drilling rigs with capacities in excess of 5000 m.
CIVC is an interest holder in both projects and the Company's active
involvement in the western Newfoundland oil and gas play goes back over a
    "Never before have we seen two large rigs operating at the same time in
western Newfoundland," said Steve Millan, CEO of CIVC at a presentation in
Stephenville on Friday, October 19th. "This unprecedented level of effort
indicates the high regard in which this play is held by the industry."


    "Steven M. 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.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

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

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