Anticosti Drilling Program Amended To Include Three Wells In 1999
Halifax, Nova Scotia, April 19, 1999: Corridor Resources Inc. (CDH - ASE) announced today that it has amended the terms of its farmout agreement with Shell Canada Limited (SHC-TSE) and partner Encal Energy Ltd. (ENL-TSE, ECA-NYSE) pertaining to Anticosti Island, Quebec. Under the amended terms, Shell/Encal will drill three more exploration wells in place of the original requirement that Shell/Encal run additional seismic and drill two more wells.
Shell/Encal have advised that each of the wells will test distinctly different styles of prospects located toward the eastern end of the island. The prospects were identified by Shell/Encal based on the 400 kilometres shot in 1998.
Shell/Encal will undertake to drill all three wells in 1999 on a best efforts basis, with no less than two wells to be drilled in 1999 and the third to be drilled in 2000 in any event. Shell/Encal have advised that drilling is expected to resume on the island in early July. The three wells will complete the earning program.
"Corridor is pleased with the expansion of Shell/Encal's 1999 Anticosti drilling program", said Norm Miller, Corridor's president. "This program directs a larger portion of the earning phase expenditures to exploratory drilling."
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.
