Canadian Imperial Venture Submits Request for Significant Discovery License

Canadian Imperial Venture has submitted a request for a Significant Discovery License ("SDL") within the offshore exploration License 1071 ("EL 1071") to the Canada-Newfoundland and Labrador Offshore Petroleum Board. The request was made by ENEGI Inc., a wholly owned subsidiary of CIVC, on behalf of itself and PDI Production Inc. ("PDIP"), its partner in the Port au Port area.

EL 1071 is immediately adjacent to the onshore discovery at Garden Hill where a multi-million dollar well re-entry and test program is presently being conducted on the ST No.2 well, which was drilled by CIVC in 2002. Recent mapping by TRACS International, consultants to PDIP, indicates that the Garden Hill structure rises to the northwest and the crest of the structure is offshore, within EL 1071. The TRACS mapping confirms earlier interpretations by Hunt and CIVC, which arrived at a similar conclusion.

The offshore portion of the Garden Hill field may be developed from land by directional wells, at least in part, thereby avoiding expensive offshore development operations. The onshore portion of the field is covered by a 33,000-acre production lease (PL No.2002-01) from the Government of Newfoundland and Labrador. Contained within the lease area is a fault bounded, prospective, inversion fairway in which the Garden Hill South field and Garden Hill North prospect occur. The trend continues to the North into Port au Port Bay where the large Shoal Point prospect has been mapped.

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