Trading Symbol:TSXV: CQV
ST. JOHN'S, NL, April 19, 2012 /CNW/ - Canadian Imperial Venture Corp. (TSXV: CQV) is pleased to announce the following update provided by Shoal Point Energy Ltd.:
Shoal Point Energy announced that it has today commenced the first of four (4) planned cased hole tests of the DLMC Shoal Point 3K39 well, on the Port au Port Peninsula, western Newfoundland.
As announced previously, this program will test up to 4 perforated intervals individually, through the casing in the existing 3K39 borehole. All tests will occur within the Green Point Formation above 1500 metres drilling depth. The program is expected to be completed within the next 35 days.
The first of these tests has been designed by NuTech Energy Alliance, the Company's Houston-based petrophysical consultants, specifically to gather engineering and reservoir data for future stimulation of the Green Point shale reservoir, rather than to attain flow into the borehole.
After completion of the first test which is expected to take approximately seven days, the remaining three drillstem tests, which have already been approved, will be conducted with the primary purpose of measuring natural, unstimulated flow from the Green Point Shale.
The Company was unsuccessful in recovering the stuck drill string from the lower, open-hole section of the well after an extended period of fishing, and the decision was made not to proceed further in that section at this time.
Canadian Imperial Venture Corp. is an independent Canadian-based resource company holding a significant interest in Shoal Point Energy Ltd.
CANADIAN IMPERIAL VENTURE CORP.
Gerard Edwards, President and CEO
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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.
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