TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, Aug. 10 /CNW/ - Canadian Imperial Venture Corp. ("CIVC") is
pleased to announce that the Minister of Natural Resources, the Hon. Kathy
Dunderdale, has agreed to extend the term of the Petroleum Lease 2002-01
("PL 2002-01") under certain terms and conditions. Petroleum Lease 2002-01
comprises approximately 33,000 acres on the Port au Port Peninsula ("Lease
Area"), which includes Newfoundland's first onshore oil and gas discovery at
Garden Hill South and the exploration prospect at Garden Hill North.
The Newfoundland and Labrador Government has agreed to extend PL 2002-01
for an additional 5-year term under the following terms and conditions:
- That the parties to the agreement commence a drilling program in the
Lease Area no later than August 12, 2008 and commence and maintain
production in the Lease Area without cessation, except for a period
totaling two years between August 12, 2008 to August 12, 2012;
- The parties commit to spend a minimum of $10,000,000 on a work program
that includes a well in the Lease Area;
- The parties agree to pay a refundable security deposit of $500,000
against the $10,000,000 work program.
By prior commitment, the parties will commence a geophysical program at
Garden Hill North in August 2007 for a minimum expenditure of $2,500,000.
"I am delighted with this extension which will trigger an aggressive work
program in excess of $12.5 million in western Newfoundland," said Steve
Millan, Chairman and CEO of CIVC.
CANADIAN IMPERIAL VENTURE CORP.
"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, email@example.com,