CityView Corporation-Update to Shareholders.

PERTH, Australia -- CityView Corporation Ltd. (OTCBB:CTVWF) (ASX:CVI) (FWB:C4Z), is pleased to announce a company update. The past few months have been a highly productive period for CityView and it is an opportune time to explain and more clearly define what milestones we consider to have achieved.

Angola

Investors from around the world are flocking into Angola as it becomes one of the fastest growing economies in the world. Angola has evolved into a globally important oil province and forms part of the golden triangle for offshore oil extending from Brazil to Angola and then on the Gulf of Mexico. Whilst oil is the primary driver of the Angolan economy, the country also contains an impressive array of available and largely untapped natural resources.

Despite the competitive environment in which we have to operate in Angola, we have managed to increase our interest in our 3,764 square kilometres Longonjo licence and our 1,358 square kilometres Ucua licence from 30% to 36.3%. As Dr Michael Smith has pointed out: "The Longonjo uranium project has the potential for a significant deposit due to its carbonatite environment within a major iron oxide-copper gold system: and the Ucua beryllium project contains a world class pegmatite complex: beryllium being important in high temperature steels and in the control function of nuclear power plants." The first stage of our work programme on site was completed on schedule prior to Christmas. As soon as the Department of Geology and Mines have completed their certification of our rock/soil samples, they will be exported to OMAC labs in Eire for assay.

In conjunction with our two Angolan partners Nexoil Corporation SARL and Energy Africa Ltd and with our associate Quest Energy Middle East Limited ("QEML"), documents have been lodged with Sonangol (the State oil company of Angola) for the grant of two oilfields in the Kwanza Basin. The oilfields lie onshore respectively adjacent to the north and south of the Kwanza River. The Kwanza Basin shares the same oil rich structural history and sedimentation patterns, including salt tectonics and turbidites fan development, as other successful West African Basin oil projects, particularly the productive Lower Congo Basin. Our oilfields applications are being processed and upon their grant should cause a significant re-rating of CityView.

Dubai

Having secured our 8.3% interest in Quest Energy Middle East Limited ("QEML"), we are seeking to increase our equity to a minimum of 20%. QEML is headquartered in Dubai where a full operational office is maintained. QEML is officially Qualified as a developer of oil and gas and power generation projects, and has a strong financial network with the regional banks. The support of QEML is essential for the success of any future oil operations in Angola.

QEML is the Operator of two projects in the Middle East: the Rag-e-Safid oilfield and the Fars 942 MW gas turbine power plant. In addition QEML has a number of projects under negotiation including two gas pipeline contracts in Kuwait and Nigeria and two power generation contracts at Qeshem and Mobin.

In November 2006 QEML and PTT (Petroleum Authority of Thailand) signed an agreement for the joint operatorship of the Rag-e-Safid oilfield. The objective is to increase current production to 220,000 barrels of oil per day, and if the reservoir so warrants it, to lift the production to 250,000 barrels of oil per day. We have been advised that at a 10% discount rate the net present value of QEML's share of the first stage of the project is estimated to be US$105.5 million.

Also in November 2006 the formal inauguration of the 942 MW Fars gas turbine power plant construction was enacted. This is a 50/50 joint venture between QEML and Mapna International. According to QEML, at a 10% discount rate the net present value of QEML's share of Fars is estimated to be US$107.3 million.

Indonesia

CityView has inherited two small free carried interests in oil and gas concessions in Indonesia. During the past few months we have identified a number of opportunities to acquire substantial assets at deep discounts. It is now opportune for CityView to capitalize on its strong position in Indonesia. Through its unique relationship with the new order, CityView has a once in a lifetime opportunity to acquire a range of projects in north Sumatra with excellent cash flow. During 2007 CityView will be actively pursuing this corporate strategy.

Outlook Going Forward

We believe that the combination of Angola, Dubai and Indonesia represent a tremendous opportunity for CityView going forward. We are committed to making a successful, sustainable and growing company and will continue to keep you up to date on our progress as we work to increase shareholder value.

Yours sincerely,

Mark Smyth
Chief Executive Officer

About CityView Corp.

CityView Corporation Ltd. is an exploration and development company. It is management's objective to grow CityView into a significant uranium, 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: www.cityviewcorp.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.