February 5, 2007
TSX Venture Exchange: CQV / Frankfurt Stock Exchange: DFM
St. John's, NL: Canadian Imperial Venture Corp. ("CIVC" / the "Company") is pleased to announce that it has been informed by PDI Production Inc. ("PDIP"), the Operator, that preliminary interpretations from the Garden Hill South production and pressure build-up analysis conducted in January, estimate the minimum connected volume to the ST#2 well to be at least 7 million stock tank barrels ("MMstb"). Furthermore, because 7MMstb represents a minimum and as Garden Hill South may contain more than one compartment, the actual volume of oil in place is likely to be significantly higher. Recovery factors are in the range of 18 – 30% of oil in place under preliminary depletion and in the range of 30 – 45% with gas re-injection. The well test analysis was performed by an independent reservoir engineering consultant, Klaus Eriksen.
The well has been flowing at 312 barrels per day (49.6m3 per day) of API 50° - 56° and approximately 1 million standard cubic feet of gas per day (28,317m3 per day) since the end of the build-up test. To-date, 2436 barrels (387m3) of oil and 9.4 million standard cubic feet (266,000m3) of gas have been produced.
"This is very good news," said Steve Millan, CEO of CIVC. "A tremendous effort has gone into the quest to establish commercial production on the Port au Port and these test results suggest that the quest is close to yielding a very positive result."
For further information, please contact the Company.
CANADIAN IMPERIAL VENTURE CORP.
"Steven Millan" Steven M. Millan, P.Geo.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.