TSX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST. JOHN'S, Dec. 12 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" / the
"Company") presents the following update on the Shoal Point and Garden Hill
projects in western Newfoundland:
Shoal Point Project
Shoal Point Energy Limited ("SPE") has informed CIVC that the departure
of the Nabors Rig #45 for Newfoundland has been delayed beyond the November
30th date originally targeted by SPE. SPE are actively working through
permitting, logistical and financing arrangements in order to get the planned
Shoal Point 2K39 well drilling in time to make the January 15, 2008 deadline.
While SPE remain confident that the January 15th deadline will be met, it is
considered prudent to apply for an extension to EL1070. Accordingly, a letter
requesting an extension will be sent to the regulatory authorities shortly.
Garden Hill Project
As previously indicated, CIVC elected not to participate financially in
the Port au Port #1 STN#3 horizontal exploration well. Accordingly, the
Company is not privy to the details of PDI Production Inc.'s ("PDIP") drilling
program or entitled to well information which will have to come directly from
PDIP. CIVC understands that the departure of Nabors Rig #57 for Newfoundland
has been delayed beyond the November 20th date originally targeted by PDIP.
There are no immediate drilling obligations associated with Petroleum Lease
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.
CANADIAN IMPERIAL VENTURE CORP.
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.
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, (709) 739-6700, Fax:
(709) 739-6605, email@example.com, www.canadianimperial.com