EnerVest Resource Management Ltd. Purchase
Halifax, Nova Scotia, September 17, 1997: Corridor Resources Inc. of Halifax, N.S. (CRRI-CDN) and EnerVest Resource Management Ltd. Of Calgary, Alta. jointly announce that a 100% owned subsidiary of EnerVest has agreed to purchase a total of 2.0 million flow through Corridor shares, with an option to purchase an additional 0.5 million flow through shares, all at a price of $1.00 per share. The funds will be used to finance geophysical and other exploration activities in eastern Canada.
EnerVest and Corridor also jointly announce that a previously announced letter of intent to finance a limited partnership to participate in a farm-in to drill four exploration wells on Anticosti Island, Quebec, has expired. EnerVest has been unsuccessful in funding the limited partnership in time to permit exploration drilling to proceed this fall. Corridor intends to re-schedule its multi-well Anticosti exploration drilling to commence next year, following spring break-up and subject to arranging financing acceptable to Corridor.
This press release contains certain forward looking statements relating to, but not limited to, Corridor's operations, anticipated financial performance, business prospects and strategies, including expectations relating to production levels; capital expenditure programs; the quantity of natural gas reserves; projections of market prices; projections of costs; supply and demand for natural gas; expectations regarding the ability to raise capital and to continually add to reserves through exploration and development; and treatment under governmental regulatory regimes. These statements are based on current expectations that involve numerous assumptions regarding factors and risks that could cause actual results to vary materially, including, without limitation to, the following factors: risks associated with oil and gas exploration, financial risks, substantial capital requirements, bank financing, government regulation, environmental, prices, markets and marketing, dependence on key personnel, dependence on Potash Corporation of Saskatchewan, Inc., availability of drilling equipment and access, risks may not be insurable, management of growth, expiration of licenses and leases, reserves estimates, seasonality, competition, conflicts of interest, Kyoto Protocol, issuance of debt, title to properties and hedging. There is no representation by Corridor that actual results achieved will be the same in whole or in part as those set out in the forward looking information. Furthermore, the forward looking statements contained in this press release are made as of the date hereof, and Corridor undertakes no obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise.
