August 15, 2002: Canadian Imperial Venture Corp. announces the ST-2 well has struck oil and natural gas in the Aguathuna and Table Point formations. The crude was sweet and light (51 degree API) and flowed at the rate of 195 bopd. The gas flow was 1.2 million cubic feet per day. No water was produced.
July 3, 2002 : A new drilling operational phase began today at our Garden Hill oil field with the start up of drilling operations for our ST-2 well, a side-track from the Port au Port #1 well.
May 7, 2002 : Canadian Imperial Venture Corp. announces it has approval from the United Nations Security Council to participate in the Iraqi Oil for Food program. After meeting in Baghdad with the Iraqi Oil Minister, CIVC expects to market its first load of Iraqi oil this summer.
April 25, 2002 : The Government of Newfoundland and Labrador issues a Production Lease to CIVC for its Garden Hill Development lands. This is the first onshore oil production lease ever issued by the Newfoundland Government.
March 15, 2002 : Commissioning of our Garden Hill production facility commences.
February 22, 2002 : Despite the severe Newfoundland winter, our workers have completed the Garden Hill production facilities. Inspections are ongoing and testing of the facilities is underway. Commissioning will begin once the necessary permits have been issued.
February 6, 2002 : The Company suspended the Harry's River, Indian Head #1 well at 804.9 m. The Company was encouraged by the coring data and plans a seismic program. Coring data and seismic interpretation will then be analyzed to decide on re-entering and deepening the well.
January 16, 2002 : The first production modules arrived at Garden Hill and set up has begun in preparation for full production of our Port au Port # 1 well first quarter, 2002.
December 5, 2001 : Canadian Imperial spuds the Indian Head # 1 well on its Harry's River property.
November 14, 2001 : Government of Newfoundland and Labrador approves Canadian Imperial's Garden Hill Development Plan involving approximately 30,000 acres of it's Garden Hill oil and gas field. The Garden Hill field will be held under a development lease issued by the Department of Mines and Energy.
The current development plan calls for the phased in drilling of 12 oil and gas production wells at Garden Hill. Field production rates of 10,000 barrels per day are expected. Canadian Imperial and it's partners have planned expenditures of $50 to $60 million over the next five years.
October 19, 2001 : Canadian Imperial signs a Farm out agreement with Contact Exploration of Calgary. The deal involves ten percent of Canadian Imperial's 84,000 acre Harry’s River on shore block.
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