Trading Symbol: TSX-V: CQV
ST. JOHN'S, Jan. 5, 2012 /CNW/ - Canadian Imperial Venture Corp.
("CIVC") (TSXV: CQV) is pleased to provide the following update for the
3K39z well as announced by Shoal Point Energy Ltd. (the "Company" /
3K39z Well Update
Drilling operations have commenced at the Shoal Point 3K39z well, at
Shoal Point, Port au Port Bay, Newfoundland. The borehole has been
drilled to a measured depth of 1745 metres, and is cased to a measured
depth of 1711 metres. Liquid hydrocarbon shows were recorded over the
entire gross section of the well below about 700 metres, primarily in
the form of gas chromatography/mud gas indicators, blue-white
fluorescence in rock cuttings cut in solvent, oil-stained core, and
The current program is scheduled to set a whipstock, sidetrack, and
deepen the current borehole to near the base of the Ordovician Green
Point Formation, the primary target of the current exploration
program. The evaluation program will involve the flow testing of up to
five zones, including (1) a lower open-hole test in new hole, (2) a cased-hole extended formation leak-off (injection) test, and (3) up to three cased-hole perforation flow tests.
The lower open-hole test is designed to assess the natural flow properties and hydrocarbon
saturation of newly-drilled (un-invaded) formation near the base of the
well. The leak-off test is designed to assess the matrix rock properties and hydrocarbon
saturation of the formation, as identified by NuTech, our petrophysical
consultants, so that programs for stimulation of the Green Point
Formation may be designed in the future. The cased-hole perforation flow tests are designed to assess the hydrocarbon saturation and the unstimulated
natural flow potential of the formation which arises from a high
concentration of bedding-parallel natural fractures, as interpreted by
NuTech and the Company's geological team from logs, core and gas
chromatography data. One of these fractured zones indicated potential
permeability on a short open-hole Closed Chamber Test carried out
during the initial drilling of the well, as reported by Shoal Point on
June 24, 2011.
The current stage of operations is expected to take between nine and
twelve weeks to complete, depending on the final number of cased-hole
"As a significant shareholder of Shoal Point Energy, CIVC is very
pleased with the progress being made on the 3K39z well in Western
Newfoundland and we look forward to the coming weeks," said Gerard
Edwards, CIVC President and CEO.
Canadian Imperial Venture Corp. is an independent Atlantic
Canadian-based resource company.
CANADIAN IMPERIAL VENTURE CORP.
President 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:
Canadian Imperial Venture Corp.
P.O. Box 6232, Stn. "C"
St. John's, NL A1C 6J9
Tel.: (709) 739-6700 / Fax: (709) 739-6605
E-mail: email@example.com / website: www.canadianimperial.com