2K-39-Z Operations Update

    Trading Symbols:
    TSX Venture Exchange: CQV
    Frankfurt Stock Exchange: DFM

    ST. JOHN'S, NL, June 27 /CNW/ - Canadian Imperial Venture Corp. ("CIVC")
has been informed by the operator, Shoal Point Energy Limited ("SPE") that the
drill-off of the cement plug and side tracking around the "FISH" was commenced
June 26, 2008. It is expected to take 2 to 3 days to successfully drill around
the "FISH" that was left in the hole. The well will then continue directional
drilling of 216 mm (8 1/2") hole to the top of the primary target of the
Aguathuna section below the 244 mm (9 5/8") intermediate casing which is set
at 2750 m. The well depth at 24:00 hrs, June 26 was 2768 m.
    Please note that the official well name is now 2K-39-Z as the "Z" is the
sidetrack designation from the Canada-Newfoundland and Labrador Offshore
Petroleum Board ("CNLOPB"). The next operations update will be provided in 7
days time or on occurrence of a material event.

    Canadian Imperial Venture Corp. is an independent Canadian-based energy
company with interests in petroleum exploration and development in western
Newfoundland and in western Canada. 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.

    "Steven Millan"
    ---------------
    Steven Millan, P.Geo.
    Chairman and CEO