Corridor And Columbia To Jointly Explore New Brunswick
Halifax, Nova Scotia, August 5, 1999: Corridor Resources Inc. (CDH - ASE) announced today that it has entered into a joint venture agreement with Columbia Natural Resources Canada, Ltd. (Columbia) to undertake a multi-well exploration program for natural gas and il on licences currently held by Corridor in southeastern New Brunswick. Under the terms of the agreement, Columbia will pay US$1,000,000 to Corridor for a 50% working interest in Corridor's Sackville Basin and Elgin Basin licences covering some 126,588 hectares (312,670 acres).
Corridor and Columbia have committed to carrying out a seismic program in the Sackville area this summer and to the drilling of two exploration wells this fall, one near Sackville and one near Elgin. Corridor will act as Operator for activities undertaken this year, with Operatorship reverting to Columbia at the end of the year.
Columbia Natural Resources Canada, Ltd. is a Canadian affiliate of Columbia Natural Resources (CNR), the exploration, production and gathering company of Columbia Energy Group (NYSE - CG). CNR is one of the largest producers of natural gas and oil in the Appalachian Basin. Headquartered in Charleston, West Virginia, CNR's operations stretch across nine eastern states from upstate New York to northeastern Tennessee.
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.
