Canadian Imperial Venture Corp. (CIVC) reports that it has entered into a farmout agreement with a private Alberta company covering 21 sections of its lands in southern Alberta.

Under the terms of the agreement, the farmee will pay an upfront, non-refundable prospect fee of $50,000. The farmee will have option to earn a 50% working interest by paying 100% of the cost of drilling, completing, tying-in or abandoning an earning well, as defined by CIVC, on each section of the company's lands.