Canadian Imperial Issues Western Newfoundland Update

Canadian Imperial Venture Corp. (CIVC) on Thursday issued the following update on its western Newfoundland business:


The Company has concluded an additional farmout to Shoal Point Energy Ltd. ("SPE") on the lands within Exploration License 1070 (EL 1070), which includes the Lourdes Prospect. On December 22, 2006, the Company had announced an earlier farmout to SPE covering the Shoal Point Prospect within EL 1070. The terms of both prospects are similar: SPE earns 70% of CIVC's interest by paying all of the Company's costs in an earning well in each farmin area. CIVC's pre-earning interest in EL 1070 is 40%.

Both the Shoal Point and Lourdes Prospects are considered to be high impact exploration plays. The Shoal Point well will be directionally drilled from an onshore surface location to an offshore subsurface target. The Lourdes Prospect is in approximately 100 m of water in the Gulf of St. Lawrence and will require the use of a jack-up rig. Planning and permitting for the Shoal Point well is currently underway with an October spud date being targeted.

Separately, from the deal discussed above, PDI Production Inc. ("PDIP") and SPE have agreed on farmouts covering PDIP's interests in the Shoal Point area of EL 1070 and on the onshore Production Lease 2002-01 ("PL 2002-01") covering the Garden Hill North and Garden Hill South areas. Should all of the farmout interests be earned, the respective working interests of each party will be:

	               Garden Hill South   Garden Hill North   Shoal Point   Lourdes
	    CIVC               20%                12%               12%         12%
	    SPE                15%                18%               56%         28%
	    PDIP               65%                70%               32%         60%


CIVC, PDIP and SPE have agreed that PDIP will be the Operator in respect of all operations in PL 2002-01 (onshore) while SPE will be the Operator in respect of all operations in EL 1070 (offshore).

Carry Period:

With reference to the original farmouts between CIVC and PDIP/Gestion covering all of the western Newfoundland properties, CIVC and PDIP have determined that the conditions of the agreements have been fully satisfied and a minimum of $4.42 million has been expended by PDIP/Gestion and CIVC's carry period has been concluded.

"As a result of CIVC's farmout arrangements with SPE, CIVC is being carried on all of its projects in western Newfoundland and will have no financial commitments for the upcoming programs," said CIVC Chairman and CEO, Steve Millan. "Western Newfoundland has the potential to yield major developments and CIVC retains a significant interest in all of the plays from the discovery at Garden Hill South to the exploration prospects at Lourdes, Shoal Point and Garden Hill North. We have thus been able to balance the risks and rewards of the play in a way which is in keeping with the Company's risk tolerance."