Frankfurt Exchange: DFM
ST. JOHN'S, May 26 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" / the "Company") is pleased to announce that the Nalcor et al Seamus No.1 well at Parson's Pond, western Newfoundland, has reached its planned total depth of 3160 meters. Nalcor Energy, the operator of the well, reports that natural gas was encountered while drilling and the company intends to test the well later this summer to assess its potential. The well is currently being suspended to allow for the mobilization of a service rig and testing equipment to the site.
Seamus is the first of a planned three well program in the Parson's Pond area, each well being drilled on a separate Exploration Permit. The current well, Seamus No.1, has been drilled on Exploration Permit 03- 103, where CIVC holds a 1.5% Gross Overriding Royalty on production. CIVC also has a similar royalty on Exploration Permit 03-101 which will be drilled in the current program.
Should Nalcor be successful in establishing production in either 03-103 or 03-101, CIVC is entitled to receive a gross royalty on all production, which royalty may be taken in cash or kind. CIVC has no financial obligations in the current program.
"An independent evaluation by Sproule Associates estimated that the Exploration Permits have the potential to contain approximately 284 million barrels of undiscovered resources (P50) in the Cambrian/Ordovician Platform rocks. This discovery in the Seamus No.1 well is an encouraging first step in realizing this potential," said Steven Millan, CEO of CIVC. "Nalcor and their partners are to be commended for this achievement."
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.
SOURCE Canadian Imperial Venture Corp.
For further information: For further information: Canadian Imperial Venture Corp., (709) 739-6700, Fax: (709) 739-6605, firstname.lastname@example.org, www.canadianimperial.com