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| October 21, 2010 - 9:28 AM EDT |
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Canadian Imperial Venture Corp. - Strategic Overview
Canadian Imperial Venture Corp. - Strategic Overview
Oct. 21, 2010 (Canada NewsWire Group) --
Trading Symbols:
TSX-V: CQV
Frankfurt Exchange: DFM
ST. JOHN'S, Oct. 21 /CNW/ - Canadian Imperial Venture Corp. ("CIVC" /the "Company") is pleased to present the following strategic overviewof the Company's business initiatives:
The Company's oil-in-shale discovered resource has the potential toproduce large volumes of light, sweet crude and associated naturalgas. Since the resource is located on tidewater, transportation ofcrude and crude products is relatively straight forward. Theassociated natural gas, however, poses more of a challenge since thereis no pipeline infrastructure. The Company sees the challenge as anopportunity to use natural gas for value added activities in the localarea. This concept has been used successfully elsewhere and, indeed,is part of a growing trend among energy producers to capture as much ofthe energy upstream value chain as possible thereby generating localeconomic activity.
In order to advance this concept, we have taken two significant steps.Firstly, we have chosen a consulting company, Stantec Consulting of St.John's to do a scoping study of benefits and costs of implementing theconcept.
Secondly, we have entered into an option agreement on an industrialminerals exploration project on the Port au Port Peninsula, which isexciting in its own right but also synergistic with the nearby oil andgas activity. This agreement on the "Odd Twins Magnetic Anomaly" wasannounced by the Company earlier this month. I am pleased to announcetoday that Springdale Diamond Drilling ("SDD") has been contracted fora planned core hole program. SDD will use a Durlite 500 rig which isheli-portable and capable of drilling to depths of 600 meters. The rigwill be available shortly and coring operations will commence when allnecessary permits are obtained. SDD is a subsidiary of SpringdaleForest Resources Inc. carrying out diamond drilling operations in NL,Quebec and Nunavut.
With regard to the Green Point oil-in-shale play, we have been informedby the Operator, Dragon Lance Management Company, that a drilling righas now been identified for the drilling of the planned 3K-39 well onShoal Point. The rig is a hybrid rotary / coil tubing unit which iscapable of drilling to our prescribed depth of 2200m with minimal sitefoot print. This rig recently drilled several wells in the region forother operators safely and efficiently. This top drive rig is fullyequipped with 21,000 kPa (3000 psi) pressure control equipment andweather proofed. Drilling operations will commence when all necessarypermits have been obtained.
Canadian Imperial Venture Corp. is an independent Canadian-based energycompany, a leader in the Green Point oil-in-shale play. Eastern Canadais the home to such developments as the Hibernia, Terra Nova, WhiteRose, Sable Island, Deep Panuke, and McCully fields.
CANADIAN IMPERIAL VENTURE CORP.
By: "Steven M. Millan"
Steven M. Millan, P.Geo.
Chairman and CEO