ST. JOHN'S, Feb. 11, 2010 (Canada NewsWire via COMTEX) --

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    TSX-V: CQV

    Frankfurt Exchange: DFm

Canadian Imperial Venture Corp. ("CIVC" / the "Company") is pleased to announce that it has endorsed an agreement among itself, Shoal Point Energy Limited ("SPE") and McLaren Resources Inc. ("McLaren") pertaining to Exploration License 1070 ("EL 1070"). For the purposes of this agreement and the previously announced December 3, 2009 agreement, EL 1070 has been divided into 15 farmout blocks and pertains to defined "shallow rights" which are currently held by SPE (61.5%) and CIVC (38.5%).

The agreement contains the following provisions:

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    - The December 3, 2009 agreement is acknowledged by the three companies

      and its provisions remain unaltered. In the December 3 agreement,

      McLaren has the right to earn shallow petroleum rights from CIVC by

      participating in earning wells on any 3 of the 15 farmout blocks.

      McLaren will pay 32% of well costs to earn a 16% interest.

    - Following the drilling of the above 3 earning wells, McLaren will have

      the right to farm-in to shallow rights held by SPE by participating in

      the first well per block proposed by SPE in 8 of the remaining 12

      undrilled blocks. McLaren will pay 32% of the cost of each earning well

      to earn a 16% interest.

    - In consideration for entering into this agreement, McLaren will pay SPE

      a non refundable option fee of $150,000 and the parties will enter into

      a definitive agreement which will include standard CAPL operating and

      accounting procedures.