TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, March 5 /CNW/ - Canadian Imperial Venture Corp. (the
"Company") is pleased to announce that it has been informed by the Operator,
Shoal Point Energy Ltd., that drilling commenced today on the Shoal Point et
al 2K-39 well in western Newfoundland. The well will be directionally drilled
from an onshore surface location on the northern trip of Shoal Point to a
subsurface target beneath Port au Port Bay, approximately 2200 m, a few
degrees West of due North of the Point. By drilling a directional well from
onshore, impacts on the marine environment of the Bay are minimized.
The well is designed to test a large seismically defined structure which
is genetically related to the Hunt et al Port au Port #1 discovery at Garden
Hill South. Formations within the Ordovician St. George's Group are being
targeted by the well with the primary target being the Aguathuna Formation
which is productive at Garden Hill. The well will be terminated in the Watt's
Bight Formation which has demonstrated high porosity and permeability
elsewhere. Testing of the Aguathuna and Watt's Bight Formations at the Port au
Port #1 well produced a combined total of 7600 barrels per day of fluids
including 51 degree API, low sulphur oil and sweet natural gas.
Drilling, using the Nabor's #45 drill rig, is estimated to take between
75 and 90 days. The planned total drilled depth of the well is 4040 m (2700 m
total vertical depth). The planned average deviation angle of the borehole is
approximately 45 degrees. The Company intends to make regular news releases on
the status of the drilling project as information is received from the
The Company also announces today, that subject to final approval by the
TSX Venture Exchange, the Company has granted to directors, officers and
Consultants of the Company Incentive Stock Options to purchase up to
11,000,000 Common Shares at an exercise price of $0.10 per Common Share.
Subject to the early termination provisions in the Plan, the Options will
expire on March 3, 2013.
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.
Steven 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:
For further information: Canadian Imperial Venture Corp., (709)
739-6700, Fax: (709) 739-6605, email@example.com;