Hey all,

If this is correct I see someone with deep pockets putting an offer in for us sooner then later. I know there has to be some more testing, drilling and other stuff before we have real total estimates and a significant discovery license but we are on our way. I mean 88-218 billion barrels. Insane.

VOCM Article

The potential for finding oil reserves on the province's west coast just got a whole lot better.

The president of Canadian Imperial Venture Corporation, Gerard Edwards, says new estimates from a Texas company on the potential for new oil discoveries on its properties on the Port Au Port Peninsula are very uplifting. Edwards says as a matter of fact, the estimates are enormous.

Nutech Energy Alliance, which employs experts in predicting the success of shale oil plays, reports that new estimates are in the range of 88-billion to 218-billion barrels of oil. Previous estimates on these properties were 5.2-billion barrels.

Edwards says if only five per cent of this number is correct, there is still a potential oil recovery of between 4.4-billion to 10.9-billion barrels. He stressed the potential numbers rival all the known recoverable oil reserves combined within the offshore boundaries of Newfoundland and Labrador.

Canadian Imperial Venture Corporation and its partners have a budget of $6 to $10-million for this drilling program. Edwards says this is a very exciting time in the history of the company, and the prospects would be immensely beneficial to the province.