Canadian Imperial Venture Corp. - Strategic Overview

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

ST. JOHN'S, Oct. 21 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" / the "Company") is pleased to present the following strategic overview of the Company's business initiatives:

The Company's oil-in-shale discovered resource has the potential to produce large volumes of light, sweet crude and associated natural gas.  Since the resource is located on tidewater, transportation of crude and crude products is relatively straight forward.  The associated natural gas, however, poses more of a challenge since there is no pipeline infrastructure.  The Company sees the challenge as an opportunity to use natural gas for value added activities in the local area.  This concept has been used successfully elsewhere and, indeed, is part of a growing trend among energy producers to capture as much of the energy upstream value chain as possible thereby generating local economic activity.

In order to advance this concept, we have taken two significant steps.  Firstly, we have chosen a consulting company, Stantec Consulting of St. John's to do a scoping study of benefits and costs of implementing the concept.

Secondly, we have entered into an option agreement on an industrial minerals exploration project on the Port au Port Peninsula, which is exciting in its own right but also synergistic with the nearby oil and gas activity.  This agreement on the "Odd Twins Magnetic Anomaly" was announced by the Company earlier this month.  I am pleased to announce today that Springdale Diamond Drilling ("SDD") has been contracted for a planned core hole program.  SDD will use a Durlite 500 rig which is heli-portable and capable of drilling to depths of 600 meters.  The rig will be available shortly and coring operations will commence when all necessary permits are obtained.  SDD is a subsidiary of Springdale Forest Resources Inc. carrying out diamond drilling operations in NL, Quebec and Nunavut.

With regard to the Green Point oil-in-shale play, we have been informed by the Operator, Dragon Lance Management Company, that a drilling rig has now been identified for the drilling of the planned 3K-39 well on Shoal Point.  The rig is a hybrid rotary / coil tubing unit which is capable of drilling to our prescribed depth of 2200m with minimal site foot print.  This rig recently drilled several wells in the region for other operators safely and efficiently.  This top drive rig is fully equipped with 21,000 kPa (3000 psi) pressure control equipment and weather proofed.  Drilling operations will commence when all necessary permits have been obtained.

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