Green Point Formation

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

    ST. JOHN'S, July 2 /CNW/ - Shoal Point Energy Ltd. ("SPE"), the operator
of the currently drilling 2K-39-Z well, has received an independent
consultant's summary report on the hydrocarbon potential of the Green Point
Formation (the "Formation") which yielded shows of hydrocarbons while it was
being drilled. The consultant, Mr. Jim Podruski, is an experienced
professional geologist.
    The sources of data used by the consultant include:

    - Published reports and papers of outcrop and subsurface studies;
    - Internal analysis of 2D seismic data in Port au Port Bay;
    - Well reports from the Shoal Point K-39 well and Long Point M-16 wells
      drilled in the 1990's, plus the results to-date of the current 2K-39-Z

    The report, which was commenced by SPE and Canadian Imperial Venture Corp.
("CIVC"), comes to the following preliminary conclusions:

    - A potential resource play occurs in the interbedded source/reservoir
      interval of the Ordovician slope shales and carbonates of the Green
      Point Formation.
    - The source rock types and maturity place them within the "oil window",
      meaning that if production can be established, the product would be oil
      rather than gas.
    - The potential resource in the area of Port au Port Bay, which is
      exploitable from land-based deviated wells, may be in the order of 1 to
      2 billion barrels of oil-in-place based on the exploitable area,
      potential reservoir thickness and estimates of reservoir parameters
      derived mainly from analogues.
    - Economically recoverable amounts cannot be estimated at present because
      of insufficient reservoir data.

    "We are excited by the conclusions of this early report which confirm
that the Green Point resource play is worth following up," said Steven Millan,
CEO of CIVC. "The report recommends that further work be undertaken to
increase the database and understanding of the play, which we intend to do."

    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.


    "Steven Millan"
    Steven 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.

For further information:

For further information: Canadian Imperial Venture Corp., (709)
739-6700, Fax: (709) 739-6605,,

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Canadian Imperial Venture Corp.

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