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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 <A HREF="http://www.playstocks.net">CQV profile & coverage in Resource Stocks Report, click profile button</a> <A HREF="http://chart.canada-stockwatch.com/sw/chart.dbm?symbol=cqv">Chart</a>  | ||||||||||||||
 
        
 
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