PDIP & SPE to Start Drilling in Western Newfoundland

Canadian Imperial Venture says that PDI Production and Shoal Point Energy have informed the Company that they both intend to commence drilling before the end of 2007 on Exploration License 1070 and Production Lease 2002-01 respectively. For this purpose, both operators will be bringing in large triple drilling rigs with capacities in excess of 5000 m. CIVC is an interest holder in both projects and the Company's active involvement in the western Newfoundland oil and gas play goes back over a decade.

"Never before have we seen two large rigs operating at the same time in western Newfoundland," said Steve Millan, CEO of CIVC at a presentation in Stephenville on Friday, October 19th. "This unprecedented level of effort indicates the high regard in which this play is held by the industry."