Canadian Imperial To Begin Production from Garden Hill

Canadian Imperial Venture Corp. will commence production of oil and gas at its Garden Hill facility in western Newfoundland on or before May 21, 2002. The Company has completed the commissioning of its existing facilities and has been granted all necessary approvals and permits.

The Government of Newfoundland and Labrador has issued a production lease to the Company for its Garden Hill oil field. The lease covers an area of approximately 33,000 acres along a prospective fault-bounded inversion fairway on the Port au Port Peninsula and includesGarden Hill Facility the Port au Port No. 1 discovery well. The production lease confers to the Company an exclusive right to develop, produce and market oil and gas in the lease area in accordance with the approved development plan. The initial term of the lease is 10 years and can be extended for one or more 5-year terms. This is the first onshore production lease ever issued by the Government of Newfoundland and Labrador.

Recent well testing during the commissioning and hookup phase indicated that improved production performance from the Port au Port No. 1 discovery well would be achieved with an additional re-completion. The Company has completed the necessary engineering and has contracted Schlumberger to perform the required work. Schlumberger will mobilize the required equipment and work will start on May 18, 2002. It will take two to three days to conclude the program. Production is expected to commence on or before May 21, 2002 at Garden Hill, Newfoundland and Labrador's first onshore oil and gas production facility.