Canadian Imperial Venture V.CQV.H

RE: This may interest some of you.

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Note the last pargraph??? interesting! but is this still in affect since theres been so many changes?


Shoal Point

In November 2009, the Group?s operating subsidiary, PDIP, entered into an interest swap agreement with Canadian Imperial Venture Corporation and Shoal Point Energy on EL1070. Under the agreement, PDIP acquired a 100% interest in the more conventional St. George?s Group play in exchange for its interest in the less conventional, shallower shale play.

In August 2010, as part of the aforementioned regional development plan, PDIP agreed to enter into a farm-out agreement on Shoal Point. Under the terms of the agreement, the farm-in partner will commence a seismic programme that will cover the prospective areas of EL1070. The intention is for a minimum of 40% of the seismic to be shot in 3D, although this will be subject to environmental considerations and permitting issues. The farm-in partner will also drill a new well to test the productivity of the Aguathuna Formation located offshore, which contains the conventional Shoal Point prospect, assuming 100% of the total cost, risk and expense associated with the seismic programme and the drilling of the new well in return for a 70% interest in EL1070.

EL1070 is due to expire in 2011 but will remain in force until such time as the drilling of a well is being diligently pursued and for so long afterward as may be necessary to determine the existence of a 7 of 12

significant discovery based on the results of that well. Management believe that the other companies with interest in the well will have commenced the drilling of a well before the expiry of the licence and management believe that the well will provide the necessary data to ensure that a Significant Discovery Licence („SDL?) will be awarded that covers the St. George?s Group play in general and Shoal Point in particular.