Corridor Awarded Exploration Block Offshore Nova Scotia
Halifax, Nova Scotia, May 4, 1999: Corridor Resources Inc. (CDH - ASE) announced today that it has been named as the successful bidder for an offshore oil and gas exploration licence off the west coast of Cape Breton island in the Gulf of St. Lawrence. The award was made in response to an invitation for competitive bids by the Canada Nova Scotia Offshore Petroleum Board (CNSOPB) issued last December. The licence area comprises approximately 615,000 acres, and is located adjacent to the East Point "significant natural gas discovery" made by Hudson Bay Oil and Gas (now BP-Amoco) in the Prince Edward Island offshore sector of the Gulf. The discovery well tested natural gas at a rate of 5.3 million cubic feet per day in 1978, and development awaits further discoveries in the area.
Local fishermen have recently expressed concerns regarding possible impacts that offshore petroleum exploration may have on their fishing operations in this shallow water area. Corridor is committed to carrying out its exploration and possible subsequent development activities in a safe and environmentally responsible manner, and in full consultation with representatives of fishing interests in the area. Corridor plans a first meeting with the fishing community to discuss their concerns as soon as arrangements can be made.
Corridor is a junior oil and gas exploration company, headquartered in Halifax, Nova Scotia, and holding more than 5 million acres of petroleum exploration licences in Quebec and Atlantic Canada.
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.
