Corridor Spuds Truite River #1 Well, Gaspe Peninsula
Halifax, Nova Scotia, July 13, 1999: Corridor Resources Inc. (CDH - ASE) announced today that it has commenced drilling the Truite River #1 well on Corridor's 100% owned licences in the Gaspe Peninsula, Quebec. The well will evaluate an apparent Silurian age reef outlined by two seismic programs undertaken in the area by Corridor in 1997 and 1998. Ground geochemical surveys undertaken by Corridor also indicate the presence of hydrocarbons in the area.
Corridor holds licences in the Gaspe covering a total area of more than 650,000 acres. A successful well at the Truite River #1 location would open up the potential for a large number of additional prospects indicated by seismic to be present on Corridor licences in the region.
The well will be drilled to a planned depth of 1055 metres at an estimated cost of $370,000 and is expected to take approximately two weeks to drill and evaluate.
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.
