Canadian Imperial Provides Operational Update

Canadian Imperial Venture Corp. has provided the following update on its drilling operation at Garden Hill, Port au Port, Newfoundland.

Currently, the well is at the intermediate casing point and is preparing to run logs and set the 7" casing at approximately 3490 drilled depth in the Caprock Table Point Formation, just above the Aguathuna reservoir. It is anticipated that the well will be in the reservoir by next week. The company will evaluate the reservoir with a comprehensive suite of wireline logs followed by Drillstem Tests. The Drillstem Tests are designed to provide information on the flow of reservoir fluids as well as reservoir pressure date. These tests will be of shorter duration than the long term flow testing conducted by the Company on the original Port au Port No. 1 well earlier this year.

To date, operations on Port au Port No. 1 Side Track have proceeded efficiently and the project is ahead of schedule. The well has been directionally drilled through a window cut in the 9 5/8" casing of Port au Port No. 1 at approximately 2340 m drilled depth. The target Aguathuna reservoir in Port au Port No. 1 Side Track is approximately 350 m away laterally from the equivalent horizon in Port au Port No. 1 and is expected to be higher in the Garden Hill structure. To date, all horizons have been encountered as prognosed or slightly higher.