Canadian Imperial Venture Corp. has provided the following update on its Alberta program:
As indicated in a News Release dated November 19, 2008, the company had entered into a farm-out agreement covering certain Company lands in Southern Alberta. The first well under the farm-out agreement was drilled and abandoned, having failed to discover economic quantities of natural gas. The significance of this well to be Company's overall Alberta strategy is limited to the local area in the vicinity of the well and the Company remains committed to achieving its shallow gas objectives in Alberta.
Due to existing tight financial markets and low natural gas prices, the Company is proceeding slowly and cautiously and will continue its strategy of getting wells drilled on its lands in Alberta through farm-outs. To this end, the Company is currently in discussions with the current farmee on extending the existing Area of Mutual Interest to include additional prospects.
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