Canadian Imperial Venture Corp Provides West Newfoundland Update; Shares Up 25%
Canadian Imperial Venture Corp (CQV.V) has been notified by Shoal Point Energy Ltd that a deal has been reached with NWest Energy Corp to acquire approximately 500,000 acres in western Newfoundland.
The agreement will enable Shoal Point Energy to increase its gross acreage position in the Green Point Oil-in-Shale from 217,000 to approximately 720,000 acres.
Shoal Point Energy also announced today that cased-hole operations continue at its Shoal Point 3K-39 location; this stage of operations is expected to last up to 10 days and will prepare the cased borehole for sidetracking and deepening of the well.
"The acquisition of NWest lands will effectively triple the Green Point Oil-in-Shale acreage held under license by SPE thereby significantly enhancing the potential value for the shareholders of CIVC," said Gerard Edwards, President and CEO of Canadian Imperial Venture Corp.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.