Canadian Imperial Venture Corp. to Acquire Alberta-based Company

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

    ST. JOHN'S, NL, March 21 /CNW/ - Canadian Imperial Venture Corp.
("CIVC" / the "Company") is pleased to announce that it has entered into a
Letter of Intent ("LOI") to purchase a minimum of 60% of the outstanding
shares of a private Alberta energy company, USG Energy Corp. ("USG").
    Under the terms of the LOI, CIVC will issue 50 common shares of the
Company for every issued and outstanding share of USG, up to a maximum of
203,950,000 common shares if all the shareholders of USG agree to have their
USG shares acquired. Each share of CIVC will have a deemed price of $0.11.
Warrantholders and optionholders of USG who do not exercise their warrants or
options prior to the completion of the acquisition, will be entitled to
receive an equivalent number of warrants or options of CIVC with an exercise
price of $0.10 per common share for a period of two years.
    Over the last several years, USG has developed and deployed an
exploration strategy, which has led to the acquisition of 82 Sections of
Cretaceous petroleum rights in Alberta (49.5 Sections net or 49.5 square
miles). The exploration concept that has governed the land acquisition
strategy to-date is broadly applicable to lands beyond the current acreage.
    "For quite some time USG has been quietly accumulating land rights,
remaining circumspect about its intentions, carefully courting its potential
partners, while awaiting a time when it could move forward. We believe this
proposed agreement represents the arrival of that time. USG has remained
focussed on its business plan right from the start, and is very excited about
bringing this focus to the combined company," said George Langdon, President
of USG.
    "CIVC is delighted with this acquisition which is the result of an
initiative started over two years ago to balance the Company's business
portfolio by including low cost plays in established producing areas in
addition to the Company's frontier play in Western Newfoundland," said Steven
Millan, CEO of CIVC. "The impressive land spread and exploration strategy
brought in by USG, provide CIVC with exposure to a regional play composed of a
large number of "bite-sized" individual components. This scalable approach
fits CIVC's current capabilities and ambitions for the future."
    The completion of the acquisition of the interest in USG is subject to
acceptance by the TSX-Venture Exchange, satisfaction of the Company with the
results of its due diligence investigations, the negotiation and execution of
a formal agreement and approval by the CIVC Board of Directors. The completion
of the acquisition is to occur on or about May 15, 2007.
    Two insiders, Steven Millan and Gerard Edwards, in CIVC each own less
than 10% of the issued and outstanding shares of USG.
    CIVC also congratulates Steven Millan on receiving an Award of Merit
presented to him on March 16th by the Professional Engineers and Geoscientists
of Newfoundland and Labrador. This award was presented to Mr. Millan in
recognition of having made an outstanding contribution to the Geoscience
profession and the community.

    For further information, please contact the Company.


    "Kirby Mercer"
    Kirby C. Mercer, BA
    Vice President

    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.: St. John's,
NL, (709) 739-6700/Fax: (709) 739-6605,, website:

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