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06.10.2010
Canadian Imperial Venture Corp.: Western Newfoundland Update
Canadian Imperial Venture Corp.: Western Newfoundland Update
October 6, 2010 - St. John’s, NL: Canadian Imperial Venture Corp. (“CIVC” / the “Company”) announced today the following:
Drilling Update (Green Point Shale - Western Newfoundland):
Steve McIntosh of Dragon Lance Management Corporation (“DLMC”), the operator of the 3K-39 well, has informed the Company that work on the well is proceeding at a brisk pace and rig negotiations are at an advanced stage. DLMC are aiming to spud the well sometime in November 2010 and the overall program is expected to take 3 – 4 weeks to complete.
The 2200m test is a follow-up to the 2008 discovery of an approximately 500m thick oil-bearing section in the Green Point shale formation in the 2K-39 well. While drilling this section with an overbalanced drilling fluid column, this formation produced approximately 54 barrels of oil into the well bore, indicating that the Green Point shale formation is capable of producing even without being subjected to the stimulation techniques which are usual in shale reservoirs. The 2K-39 well, like all other modern wells in western Newfoundland, was not designed for evaluation of the Green Point shale unit and due to hole conditions, it was impossible to run a full suite of open-hole logs or to test the prospective section.
The new well, designated 3K-39, on the other hand, will twin the discovery well through the Green Point section and is specifically designed for its evaluation. Data acquisition will include well cuttings, cores, open hole logs and well tests. Depending on results, the well may be stimulated by hydraulic fracturing (“fracing”) and completed for future production. An independent engineering evaluation by AJM Petroleum Consultants received in May 2010 provided an Unrisked Resource Estimate for Discovered Oil-In-Place for the Green Point shale on EL 1070 of 1.6 Billion barrels (Best Estimate) within a range of 500 Million barrels (Low Estimate) and 5.2 Billion barrels (High Estimate).
CIVC / Shoal Point Energy Limited / McLaren Resources Limited Agreement:
CIVC and partner, Shoal Point Energy Limited (“SPE”) have reached an agreement with McLaren Resources Limited (“MCL”) giving MCL the right to acquire from CIVC and SPE a 5% working interest in EL 1070 for a total cash payment of $550,000. The funds are currently held in trust and will be released as follows:
- When the necessary permits are obtained for the 3K-39 well and a rig is contracted, the first $200,000 is to be released.
- Upon spudding the 3K-39 well the balance of $350,000 is to be released.
The agreement also terminates three agreements between the parties. These agreements were dated December 4, 2009, February 10, 2010 and March 15, 2010 and they gave MCL the right to earn a 16% interest in a portion of the Green Point shale EL 1070 lands. However, the AMI (“Agreement of Mutual Interest”) created under the agreements will survive and MCL will have the right to participate with the group in future land acquisition in the AMI area in west Newfoundland.
Following the closing of this transaction and after the drilling of the 3K-39 well by DLMC then the working interest in the Green Point shale or shallow rights of EL 1070 shall be held as follows:
DLMC 50% / SPE 27.675% / CIVC 17.325% / MCL 5%
DLMC has committed to spending $6.5 million on the drilling of the 3K-39 well and all activities related to obtaining a Significant Discovery License (“SDL”) on EL 1070. The award of an SDL by the CNLOPB preserves the lands into perpetuity.
“We are pleased with the progress report from DLMC and very satisfied with our revised business arrangement with McLaren. The new deal with MCL simplifies the situation and provides a more workable scenario for all partners in the Green Point oil-in-shale discovery,” said Steven Millan, CEO of Canadian Imperial Venture Corp.
Canadian Imperial Venture Corp. is an independent Canadian-based energy company, a leader in the Green Point oil-in-shale play. Eastern Canada is the home to such developments as the Hibernia, Terra Nova, White Rose, Sable Island, Deep Panuke, and McCully fields.
CANADIAN IMPERIAL VENTURE CORP.
By: “Steven M. Millan”
Steven M. Millan, P.Geo.
Chairman and CEO
Contact Information:
Canadian Imperial Venture Corp.
P.O. Box 6232, Stn. C
St. John’s, NL A1C 6J9
Tel.: (709) 739-6700 / Fax: (709) 739-6605 / E-mail: info@canadianimperial.com / website: www.canadianimperial.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS PRESS RELEASE.
This release includes certain forward looking statements which reflect beliefs, expectations, objectives and goals which are believed to be reasonable at the time such statements are made. Actual results could differ materially from anticipated results and may be impacted upon such factors as commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation.
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Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
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October 6, 2010 - St. John’s, NL: Canadian Imperial Venture Corp. (“CIVC” / the “Company”) announced today the following:
Drilling Update (Green Point Shale - Western Newfoundland):
Steve McIntosh of Dragon Lance Management Corporation (“DLMC”), the operator of the 3K-39 well, has informed the Company that work on the well is proceeding at a brisk pace and rig negotiations are at an advanced stage. DLMC are aiming to spud the well sometime in November 2010 and the overall program is expected to take 3 – 4 weeks to complete.
The 2200m test is a follow-up to the 2008 discovery of an approximately 500m thick oil-bearing section in the Green Point shale formation in the 2K-39 well. While drilling this section with an overbalanced drilling fluid column, this formation produced approximately 54 barrels of oil into the well bore, indicating that the Green Point shale formation is capable of producing even without being subjected to the stimulation techniques which are usual in shale reservoirs. The 2K-39 well, like all other modern wells in western Newfoundland, was not designed for evaluation of the Green Point shale unit and due to hole conditions, it was impossible to run a full suite of open-hole logs or to test the prospective section.
The new well, designated 3K-39, on the other hand, will twin the discovery well through the Green Point section and is specifically designed for its evaluation. Data acquisition will include well cuttings, cores, open hole logs and well tests. Depending on results, the well may be stimulated by hydraulic fracturing (“fracing”) and completed for future production. An independent engineering evaluation by AJM Petroleum Consultants received in May 2010 provided an Unrisked Resource Estimate for Discovered Oil-In-Place for the Green Point shale on EL 1070 of 1.6 Billion barrels (Best Estimate) within a range of 500 Million barrels (Low Estimate) and 5.2 Billion barrels (High Estimate).
CIVC / Shoal Point Energy Limited / McLaren Resources Limited Agreement:
CIVC and partner, Shoal Point Energy Limited (“SPE”) have reached an agreement with McLaren Resources Limited (“MCL”) giving MCL the right to acquire from CIVC and SPE a 5% working interest in EL 1070 for a total cash payment of $550,000. The funds are currently held in trust and will be released as follows:
- When the necessary permits are obtained for the 3K-39 well and a rig is contracted, the first $200,000 is to be released.
- Upon spudding the 3K-39 well the balance of $350,000 is to be released.
The agreement also terminates three agreements between the parties. These agreements were dated December 4, 2009, February 10, 2010 and March 15, 2010 and they gave MCL the right to earn a 16% interest in a portion of the Green Point shale EL 1070 lands. However, the AMI (“Agreement of Mutual Interest”) created under the agreements will survive and MCL will have the right to participate with the group in future land acquisition in the AMI area in west Newfoundland.
Following the closing of this transaction and after the drilling of the 3K-39 well by DLMC then the working interest in the Green Point shale or shallow rights of EL 1070 shall be held as follows:
DLMC 50% / SPE 27.675% / CIVC 17.325% / MCL 5%
DLMC has committed to spending $6.5 million on the drilling of the 3K-39 well and all activities related to obtaining a Significant Discovery License (“SDL”) on EL 1070. The award of an SDL by the CNLOPB preserves the lands into perpetuity.
“We are pleased with the progress report from DLMC and very satisfied with our revised business arrangement with McLaren. The new deal with MCL simplifies the situation and provides a more workable scenario for all partners in the Green Point oil-in-shale discovery,” said Steven Millan, CEO of Canadian Imperial Venture Corp.
Canadian Imperial Venture Corp. is an independent Canadian-based energy company, a leader in the Green Point oil-in-shale play. Eastern Canada is the home to such developments as the Hibernia, Terra Nova, White Rose, Sable Island, Deep Panuke, and McCully fields.
CANADIAN IMPERIAL VENTURE CORP.
By: “Steven M. Millan”
Steven M. Millan, P.Geo.
Chairman and CEO
Contact Information:
Canadian Imperial Venture Corp.
P.O. Box 6232, Stn. C
St. John’s, NL A1C 6J9
Tel.: (709) 739-6700 / Fax: (709) 739-6605 / E-mail: info@canadianimperial.com / website: www.canadianimperial.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS PRESS RELEASE.
This release includes certain forward looking statements which reflect beliefs, expectations, objectives and goals which are believed to be reasonable at the time such statements are made. Actual results could differ materially from anticipated results and may be impacted upon such factors as commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA1360761060">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA1360761060</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.