Canadian Imperial Venture V.CQV.H

RE: Seismic Survey by Memorial University

[lhynes]

This may help to heighten the interest of oil companies to get further involved in exploring for oil in the area. If you recall, there was wide speculation that Pan Canadian failed to intersect their primary target in the Shoal Point well because they took the risk of drilling a directional well to the offshore target without doing seismics in the shallow part of the bay. While PC was well advanced in drilling the Shoal Point well, I heard that they stopped drilling and brought back in the seismic equipment....thus leading to speculation that they overshot or undershot their target.This theory gained wider acceptance when PC in their press release failed to mention anything about their primary target. Thus, the jury may be still out on the prospect of finding economic quantities of oil at Shoal Point.As far as I know, PanC and Hunt still hold this property. Who knows...we may see them back drilling at some time in the future.With the current price of oil and the warchest that these companies are amassing, I wouldn't it out just yet. This seismic survey may be a bit of a teaser for them. Len