Canadian Imperial Venture Corp. has permitted the Port au Port No. 2 step out well at its Garden Hill oil field on the Port au Port peninsula, western Newfoundland. The date for re-entry and drilling will be released shortly. The Company originally spudded the well on July 31st, 2001. It was drilled, cased and suspended at five hundred meters as part of the Company's multi well program at Garden Hill. As a result of last year's drilling program and recent flow and pressure testing of Port au Port No. 1, further refinements of the geological model have been made for the prospective inversion fairway, which the Company now holds under Lease. This model, while unique in itself, incorporates elements from the giant, fracture controlled Albion-Scipio fields in Michigan, karsting and multi-stage dolomolization as seen in the Ellenberger Formation of West Texas and the hydrothermal dolomite reservoir of the Ladyfern field of North- eastern British Columbia. Based on these analogous plays, the Garden Hill play has the potential to result in world-class accumulations of petroleum. Port au Port No. 2 will be drilled to test the middle Ordovician Aqathuna dolomite reservoir to a seismically mapped structurally higher target approximately 300 meters NNE of Port au Port No. 1. At this location, the Company anticipates improved reservoir quality within the oil leg tested in Port au Port No. 1. Projected total drilled depth for Port au Port No. 2 is 3,650 meters.