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Canadian Imperial Venture Lower After Newfoundland Drilling Finally Yields Light Oil

Canadian Imperial Venture Corp. (CQV.V) is down $0.005 to $0.045 a share this afternoon after saying petrophysical analysis for the 3K-39 well in the Green Point Shales off the Newfoundland coast confirmed a thick section of producible unconventional light oil.

One possible reason for the price decline was the "challenging" effort needed to access the tectonized and fractured reservoir, which according to the company, required considerable effort and time to keep the borehole open and in good condition.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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