Corridor Spuds Fatima Well - Onshore Magdalen Islands
Halifax, Nova Scotia, September 8, 1999: Corridor Resources Inc. (CDH - ASE) along with its partner Foothills Minerals Inc. of Tampa, Florida, announced today the spudding of the Fatima #1 exploration well on the Magdalen Islands in the Gulf of St. Lawrence. The Fatima well is located onshore to evaluate the geology and natural gas potential of Permian/Late Carboniferous sandstone formations on the north flank of the Cap-au-Meules salt dome. A successful well at Fatima would stimulate exploration of numerous similar structures in the offshore area surrounding the Magdalen Islands.
The well will take about 60 days to be drilled and evaluated to a total depth of approximately 2300 metres at an estimated cost of $750,000. Foothills will pay 75% of the costs to earn a 25% working interest in Corridor's Magdalen Islands licences.
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.
