CityView Corporation Limited
OTC Bulletin Board : CTVWF

CityView Corporation Limited

December 03, 2007 10:20 ET

CityView Complets it's Feasibility Study on MATANDA - PH72

OTTAWA, ONTARIO--(Marketwire - Dec. 3, 2007) - CityView (OTCBB:CTVWF)(ASX:CVI)(FRANKFURT:C4Z) is pleased to advise that the preliminary feasibility study headed by Mr Conrad Maher has now concluded and as a result of the positive findings, CityView has agreed to move ahead with its acquisition of the Matanda Oil and Gas fields by taking over Petro Energy Africa Limited.

CityView, through vigorous negotiations, has succeeded in renegotiating the price for the takeover of Petro Energy Africa Limited, the owner of 57% of Turnberry Resources Inc.

Under the original terms the purchase price was US$4.5 million and US$15 million worth of CityView shares. The agreed new price will be reduced to $4.5 million payable upon execution of the definitive agreements and an allotment of 40 million shares (equivalent to approx. Aus$10 million) subject to Shareholder approval. Definitive agreements are being prepared to complete the transaction.

The feasibility study commissioned by CityView has concluded that the work programme should be:

(i) Carry out 2D seismic acquisition and processing and interpretation.

(ii) Drill one extended reach well from nearby Koo to the two discovery wells NM 1X and NM 2X. The well will be tested at two locations and completion with shut-off capability will be incorporated.

(iii) Construct a 100MW modular power plant at Koo and transmission line to connect the plant to the grid of the nearby city Douala.

(iv) Lease a barge for storage of the condensate.

(v) Commence production and commission the power plant.

(vi) Evaluate the other undrilled prospects in PH72.

Conclusion of the Matanda agreements will trigger negotiations for the adjoining permit in the Niger Delta.

Go to to see a map of the Mantada - PH72.

Mark Smyth

Chief Executive Officer

About CityView Corporation

City View Corporation Ltd. is an exploration and development company. It is managements' objective to grow CityView into a significant uranium, beryllium, oil and gas project by developing its interest in Angola. The company trades on the OTCBB market under the symbol "CTVWF" and on the Australian Exchange under the symbol "CVI". For more information please visit the company's web site at:

Forward-Looking Statements

This news release includes comments that may be deemed forward-looking within the meaning of the safe harbor provision of the U.S. Federal Securities Laws. These include, among other things, statements about expectations of future transactions or events, revenues, and performance. Forward-looking statements are subject to risk and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to complete transactions which remain subject to a due diligence review, obtaining any regulatory approvals, having necessary financing in time to meet contractual obligations, developing appropriate strategic alliances, raising working capital, building a functional infrastructure, and other such risks as the company may identify from time to time. Accordingly, there is no certainty that the company's plans will be achieved.

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