Mr. Steven Millan reports
CANADIAN IMPERIAL VENTURE CORP. UPDATES
Canadian Imperial Venture Corp. has provided the following updates.
Green Point oil-in-shale project
CIVC has been informed by the operator, Dragon Lance Management Company, that a rig has been secured for the project, and permitting is in progress.
Odd Twins project
A rig has been secured, permitting is under way, and mining core hole drilling is projected to start shortly.
Parson's Pond drilling program
The operator, Nalcor Energy, has announced that the second well in its program encountered natural gas while drilling, and the well is being suspended pending a review of data.
Testing of the first well of the planned three-well program is about to commence, and a test rig is on site.
The third well in the program is expected to commence early in 2011.
CIVC holds a 1.5-per-cent gross overriding royalty on production from permits 03-101 and 03-103 on which the first and third wells are located.
CIVC industrial concept scoping study
The study will provide a preliminary assessment of the concept of using oil and natural gas produced in western Newfoundland to drive industrial development in the region. Stantec Consulting has been engaged to conduct the study.
We seek Safe Harbor.