Chaloupe Well Results Announced - Anticosti Island
Halifax, Nova Scotia, July 15, 1999: Corridor Resources Inc. (CDH - ASE) announced today that Shell Canada Limited, as Operator, and its partner Encal Energy Ltd. (ENL-TSE, ECA-NYSE) have completed drilling and testing operations at the Chaloupe #1 well located in the eastern portion of Anticosti Island. The well flowed formation water on a drillstem test of the upper Romaine dolomite formation, an interval which also exhibited shows of methane gas during drilling. "The presence of permeability in the Romaine formation is encouraging for this play", said Norm Miller, Corridor's president.
Chaloupe, which will now be abandoned, is the first of three wells to be drilled this summer by Shell as part of a farmin program on Corridor's licences. The next two wells, Saumon and Dauphine, will be drilled on different styles of prospects identified by new seismic shot by Shell/Encal last summer towards the eastern end of the Island.
Upon completion of the Chaloupe abandonment, the rig will be moved to the Saumon location, where drilling operations are expected to commence approximately the 23rd of July.
Corridor is a junior oil and gas exploration company, headquartered in Halifax, Nova Scotia, 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.
