RE: Good to know CQV will ready for big rallyGuys,
Once 0.035 and 0.04 is taken out, this baby will fly 0.14-0.24for sure.
3 more well to explore before the end of this year and more news will be out in the next month and before the end of this year.
Nalcor is currently planning a three-well, titlepreserving, drilling program, with a target commencement date betweenmid-November and year-end, as recently reported in the media. Estimateddrilling costs for the program are $20 million of which Nalcor's share is $14million, with the remaining $6 million being contributed by variousworking-interest partners.
Todays news release is as follow:-
CNWGroup Portfolio E-Mail
CANADIANIMPERIAL VENTURE CORP.
Transmitted byCNW Group on : October 7, 2009 09:54
ExchangeApproves Royalty Purchase
Trading Symbols:
SX Venture Exchange: CQV
Frankfurt Stock Exchange: DFM
ST.JOHN'S, Oct. 7 /CNW/ - Canadian Imperial Venture Corp. (the"Company"/"CIVC") announced on September 10, 2009 that ithad entered into an agreement with Tectonics Inc. of Calgary, Alberta topurchase a 1.5% Gross Overriding Royalty on two Exploration Permits - EP 03-101and EP 03-103 on the Great Northern Peninsula of Western Newfoundland, in theParson's Pond area. The purchase was made through the issuance of 5 millionCommon Shares and 2.5 million Share Purchase Warrants ("Warrants") inthe Company with the Warrants being exercisable at a price of $0.10 for a twoyear period. This transaction was subject to acceptance by the TSX-V Exchangewhich was received by the Company on October 5, 2009.
NalcorEnergy, a Crown Corporation of the Province of Newfoundland and Labrador, isthe operator of the two above-mentioned Exploration Permits, plus a third, EP03-102 in the same area. Nalcor is currently planning a three-well, titlepreserving, drilling program, with a target commencement date betweenmid-November and year-end, as recently reported in the media. Estimateddrilling costs for the program are $20 million of which Nalcor's share is $14million, with the remaining $6 million being contributed by variousworking-interest partners.
Overthe last century, shallow production of light, low-sulphur oil occurred nearseeps around the shores of ponds in the area. In more recent times, extensiveregional marine, 2D seismic programs were conducted in the Gulf of St. Lawrenceby major oil companies. In addition, approximately 300 km of good quality 2Dprospect specific seismic was acquired in the 1990's, which enabled ContactExploration, with the assistance of exploration consultant, Tectonics Inc., toidentify drilling targets on the various play types in the area. For its role,Tectonics Inc. was granted a 2% Overriding Royalty, 1.5% of which has now beenacquired by CIVC.
Playtypes identified by the Contact/Tectonics group include the following:
1. Structural traps within dolomitizedplatform carbonates of the St.
George's Group whichhave produced at test rates in excess of 2000
barrels oil per day atGarden Hill on the Port au Port Peninsula
where CIVC and itspartners have been active for over a decade;
2. Stratigraphic traps associated withhydrothermal dolomitization along
sub-vertical faulttrends ("Trenton-Black River" type);
3. Dolomitized deep water carbonates(breccias and calcarenites) which
stratigraphicallyoverlie the platform; and
4. Massive deep water sandstones, whichare generally low in inherent
porosity andpermeability, but which are highly fractured.
Ingeneral, the potential reservoirs are widely interposed with deep water marinesource rocks creating favourable source - reservoir - trap scenarios.
Theonly modern drilling in the area occurred in the winter of 2004 when ContactExploration drilled a shallow test well (Parson's Pond No. 1) using acontinuous-coring rig. This well was designed to test a seismically-definedshallow dolomitized breccia target (type 3 above). The reservoir target was notfound and the rig was not capable of penetrating deeper seismically definedtargets. The well, however, provided valuable information on the geology of thecurrent round of exploration.
LeprechaunResources of Calgary, Alberta is a working-interest partner in the planneddrilling program and the former operator of the permits before passing thisrole to Nalcor. Leprechaun commissioned Sproule Associates of Calgary toevaluate the resource potential of the autochthonous rocks of theCambro-Ordovician platform, i.e. play type (1) above. According to thisindependent assessment, EP 03- 101 and EP 03-103 have an average (P50)potential to contain Undiscovered Resources of 112 million barrels oil in placeand 85 million barrels oil in place respectively. By definition, there is nocertainty that these Undiscovered Resources will be discovered and ifdiscovered, there is no certainty that they will be commercially viable andable to produce any portion of the resources.
"Thework of many people and the expenditure of many tens of millions of dollarshave preceded this latest attempt to establish economic production in WesternNewfoundland," said Steven Millan, CEO of CIVC. "From the superbfield mapping conducted over the years by earth scientists from MemorialUniversity, the Geological Survey of Newfoundland and the Geological Survey ofCanada, to the geophysics and drilling by petroleum companies both big andsmall, all have made valuable contributions. Nalcor now leads the latestendeavor. I wish them success."
CanadianImperial Venture Corp. is an independent Canadian-based energy company withinterests in petroleum exploration and development in western Newfoundland andin western Canada. Eastern Canada is the home to such developments as theHibernia, Terra Nova, White Rose, Sable Island, Deep Panuke, and McCullyfields.
CANADIANIMPERIAL VENTURE CORP.
By: "Steven M. Millan"
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Steven M. Millan, P.Geo.
Chairman and CEO
gskohli