Drilling Rig Embarks For Anticosti Island
Becancour, Québec, May 19, 1998: Corridor Resources Inc. announced today the loading out of the drilling rig "Ralex #4" at Becancour, Quebec from where it will be transported by ship on the MV Avik to Anticosti Island. There the rig will drill the first two exploration wells of a four well commitment by Shell Canada Limited and Encal Energy Ltd. (TSE:ENL, NYSE:ECA) to earn interests in 2.4 million acres under licence to Corridor. Shell, as operator of the drilling program, will offload the rig at Port Menier on Anticosti Island, from where it will be transported by trucks to the first drilling location. The first well, Roliff #1 (approx. 3,100 metres), is expected to be spudded by June 10, to be followed by the Jupiter #1 well (approx. 2,500 metres) which will start drilling about the first of August.
The Roliff and Jupiter wells will be the first wells drilled on Anticosti Island in 24 years, and will be drilled on structures defined by modern seismic data acquired by Corridor in 1996 and 1997. Early exploration on Anticosti Island in the 1960's resulted in six wells being drilled in the northwest part of the Island, all of which encountered shows of oil and/or natural gas. The current program will utilize modern technology to explore for reserves of oil and natural gas in this virtually unexplored sedimentary basin.
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.
