Canadian Imperial Venture Corp. has received the following information from Shoal Point Energy Ltd. ("SPE") regarding the drilling of the Shoal Point 2K39 well.
Trucks to transport the Nabors 45 Rig are currently being marshalled to move the rig to Shoal Point. They are expected to commence moving on or about January 26, 2008 and to be onsite by February 12, 2008.
Drilling is anticipated to commence on or about February 22, 2008.
An objective of the agreement announced in the Company's News Release of January 18, 2008 was to get the Shoal Point 2K39 well drilled in time to meet the deadline extension recently granted by the Canada-Newfoundland Offshore Petroleum Board ("CNLOPB"). From the information provided above by SPE, this objective will be attained.
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