Canadian Imperial Secures Rig for Oil-in-Shale Project

Canadian Imperial Venture Corp. (CIVC) on Wednesday announced that it has been informed by the operator, Dragon Lance Management Co., that a rig has been secured for its Green Point Oil-in-Shale Project. Permitting is ongoing.

CIVC also announced the following updates:

Odd Twins Project: A rig has been secured, permitting is underway and mining core-hole drilling is projected to start shortly.

Parson's Pond Drilling Program: The Operator, Nalcor Energy, has announced that the second well in its program encountered natural gas while drilling and the well is being suspended pending a review of data. Testing of the first well of the planned 3 well program, is about to commence and a test rig is on site. The third well in the program is expected to commence early in 2011.

CIVC holds a 1.5% gross over-riding Royalty on production from Permits 03-101 and 03-103 on which the first and third wells are located.

CIVC Industrial Concept Scoping Study: The Study will provide a preliminary assessment of the concept of using oil and natural gas produced in Western Newfoundland to drive industrial development in the region. Stantec Consulting has been engaged to conduct the Study.

Canadian Imperial Venture Corp. is an independent Canadian-based energy company, a leader in the Green Point oil-in-shale play. Eastern Canada is the home to such developments as the Hibernia, Terra Nova, White Rose, Sable Island, Deep Panuke, and McCully fields.