Canadian Imperial Venture Corp. - Drilling Update for 3K-39 Well

Trading Symbols:
TSX-V: CQV
Frankfurt Exchange: DFM

ST. JOHN'S, Dec. 23 /CNW/ - Canadian Imperial Venture Corp ("CIVC" / the "Company") announced today that the Company had received notification on December 21, 2010 from Dragon Lance Management Company ("Dragon Lance" / the "Operator") that there were deficiencies in several of the applications required to be filed and approved by the regulatory authorities prior to receiving approval to drill. The filing of these applications is the responsibility of the Operator, Dragon Lance, who was notified of these problems directly by the regulatory authorities. The delay in receiving the necessary approvals increases the risk that the drilling of the well will not be initiated by the expiry date of the license, January 15, 2011.

The Operator and senior management from both CIVC and their joint venture partner Shoal Point Energy Ltd. are in St. John's, NL, to address the deficiencies in the filings with the regulators.

Canadian Imperial Venture Corp. is an independent Canadian-based energy company, a leader in the Green Point oil-in-shale play. Eastern Canada is the home to such developments as the Hibernia, Terra Nova, White Rose, Sable Island, Deep Panuke, and McCully fields.

CANADIAN IMPERIAL VENTURE CORP.

By: "Steven M. Millan"
Steven M. Millan, P.Geo.
Chairman and CEO

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS PRESS RELEASE.

This release includes certain forward looking statements which reflect beliefs, expectations, objectives and goals which are believed to be reasonable at the time such statements are made. Actual results could differ materially from anticipated results and may be impacted upon such factors as commodity priées, political developments, légal décisions, market and économie conditions, industry compétition, the weather, changes in fmancial markets and changing législation.

For further information:

Canadian Impérial Venture Corp.
P.O. Box 6232, Stn. C
St. John's, NL  A1C 6J9
Tel.: [phone] / Fax: [phone] / E-mail: [email protected] / website: www.canadianimperial.com