2011-05-05 20:45 ET - News Release
Mr. Gerard Edwards reports
CANADIAN IMPERIAL VENTURE CORP PROVIDES A FURTHER UPDATE ON WELL 3K-39
Drilling and logging of Canadian Imperial Venture Corp.'s well 3K-39 at Shoal Point have now been completed to a depth of 1,745 metres. Data from the logging have been forwarded to NuTech Energy Alliance Ltd., the company's petrophysical specialists in Houston, Tex., for analysis. As noted in a news release on April 1, 2011, the company has also collected 10 cores over five intervals in the wellbore, and these data sets will now be integrated into a comprehensive analysis in order to determine pay zones and prospective intervals for open-hole testing. A 5-1/2-inch (140-millimetre) casing string will be run and cemented in anticipation of future completion for production.
Because of hole conditions, several attempts were made to acquire logs using different conveyance methods. The company now has wireline logs from 400 to 600 metres (the interval just below surface casing) and the lowermost interval in the wellbore, 1,670 to 1,745 metres. In addition, the company has obtained a complete logging run from bottomhole to surface casing using LWD (logging-while-drilling) tools. Since this is the first well ever designed to evaluate the Green Point formation and other similar rocks within the Cow Head group, it was considered of paramount importance to obtain the most complete and highest-quality logs possible and the company is satisfied that such results are in hand.
As noted in earlier communiques, light oil shows have been observed in cuttings and core throughout the well, and suggest that these deepwater cyclical deposits not only contain thick unconventional targets in organic-rich shales but also may contain conventional zones occurring within these coarsening and cleaning upward cycles. To that extent, as the company has believed for some time, the Green Point/Cow Head can be considered a hybrid play in that it contains elements of both unconventional (shales and siltstones) and conventional (permeable sandstone and carbonate) play types. As many as 30 of these cycles are observed from an early visual examination of the 3K39 logs and continue to point to the potential for multiple completion targets as indicated in earlier NuTech analysis.
"Considering the extraordinary oil-in-place estimates for EL1070 received from our consultants, NuTech Energy Alliance (announced on April 20, 2011), and now given the fact that information from the 3k39 well is indicating the potential for both conventional and non-conventional production, I can only say that we are very pleased with our progress to date," says Gerard Edwards, president and chief executive officer, Canadian Imperial Venture.
About NuTech Energy Alliance
NuTech is a privately owned company founded in 1998, by ex Schlumberger and Numar (now Halliburton) executives who pioneered nuclear magnetic research (NMR) research and development. Headquartered in Humble, Tex., with over 80 employees, NuTech has five technical offices in the United States and seven offices worldwide. The company provides advanced petrophysical, geological and engineering solutions to oil and gas companies worldwide while using proprietary software and modelling processes to offer the service lines NuLook, NuStim and NuView. NuTech has evaluated over 40,000 wells while working for more than 500 oil and gas companies worldwide.
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