Canadian Imperial Issues Update on Well Operations

Canadian Imperial Venture Corp. was informed by the Operator, Shoal Point Energy Limited that, as of July 10, 2008, the SPE et al 2K-39-Z well was being drilled ahead at 3260m in the Catoche Formation on the way to
penetrating the Boat Harbour and Watt's Bight Formations. It is noted that this exploration well was programmed, engineered and licensed, from the beginning, to test potentially prospective horizons within
the St. George's Group comprising the Aguathuna, Catoche, Boat Harbour and Watt's Bight formations.

While drilling operations are ongoing and before the final logs are run and interpreted, the Company will not speculate on the outcome of the well based on incomplete information. When the hole has reached TD and has been logged and tested, as appropriate, the Company will make a statement on the results of the well based on a comprehensive suite of information. It is currently estimated that drilling and logging may be
completed by the end of next week.