Canadian Imperial Ventures CQV on CDNX
Shares out approx. 25 million
CQV has discovered what is turning out to be the first major oil
discovery, on shore in Newfoundland. On September 30, 1999, the Company
entered into a farm-in agreement with Hunt Oil of Texas and
PanCanadian Petroleum Limited of Calgary on lands covering most of the
Port au Port Peninsula in western Newfoundland. Canadian Imperial has
identified two genetically related structures on the land block —
Garden Hill South, which includes the Port au Port #1 discovery
well and Garden Hill North. On production test, the Port au
Port #1 discovery well flowed at combined rates of up to 3,300 B/d of
oil and 5 MMcf/d of gas.
In October, CQV announced the findings of a report by Tectonics Inc.
of Calgary. Based on results from a seismic program over its Garden
Hill South oil field, recoverable reserves were estimated by Tectonics
to range between 70 MMBbl and 127 MMBbl. Canadian Imperial estimates
that it will take approximately six wells to effectively drain the
pool. In addition, the Company’s consultants, Tectonics Inc., has also
estimated that recoverable reserves on its Garden Hill North pool are
likely twice the size (140 MMBbl to 250 MMBbl) of Garden Hill South.
CQC also developing the Marquise Gas Park, which is a 640-acre
facility located in Argentia, Newfoundland that will produce
value-added products using natural gas from east coast basins. In
addition, CQV is also marketing and developing Coselle
Technology for marine transportation of compressed natural gas on the
east coast of Canada and the U.S.
CQV also has offshore interests, very strong management and great partners
in Hunt and PanCanadian.
IR Contact- Kirby Mercer 800 565 2143
Website canadianimperial.com
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