Canadian Imperial Venture Corp. provide the following update provided by Shoal Point Energy Ltd. (SPE):

Shoal Point Energy Ltd. reported that they are excited by the positive test results and that the exceptional permeability, relatively high porosity, and extensive fracturing of the formation indicate that it should respond well to stimulation.

The results continue to validate the play, and SPE expects that its future testing will confirm the Green Point shale as a major petroleum resource. "As a significant shareholder of SPE, CIVC is pleased with the accomplishments made to-date by SPE and look forward to continued success in the west Newfoundland Green Point oil-in-shale play," said Gerard Edwards, President and CEO of Canadian Imperial Venture Corp.

Tags: Canadian Imperial Venture Corp.