Corridor Contracts GSI To Conduct $1.5 Million Summer Offshore Seismic Program
Halifax, Nova Scotia, March 9, 1998: Corridor Resources Inc. (CDH - ASE) announced today that it has executed a contract with Geophysical Services Inc. (GSI) of Houston to carry out a marine seismic survey this summer on Corridor's Oil & Gas exploration licenses located in the Gulf of St. Lawrence. The survey will cover several large prospects located in the Laurentian Channel, including the giant "Old Harry" structure, as well as prospects in close proximity to the Magdalen Islands. In total, approximately 800 kilometres of new data will be acquired at an estimated cost of $1,500,000 including mobilization and demobilization charges.
Corridor is currently completing reprocessing of over 1,000 kilometres of old marine seismic data obtained 15 to 30 years ago in these areas and, based on the results of this work, has designed the new acquisition program. It is expected that the survey will be completed prior to the end of September, and it will confirm locations for exploration drilling commencing next year.
Corridor is a junior natural resource corporation focussing on oil and gas exploration in eastern Canada. The head office of Corridor is located in Halifax, Nova Scotia, and its common shares trade on the Alberta Stock Exchange under the symbol CDH.
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.
