Will Demille Well Results Announced Southest New Brunswick
Halifax, Nova Scotia, December 20, 1999: Corridor Resources Inc. (CDH - CDNX) announced today that it has plugged and abandoned the Will DeMille #1 well located onshore in the Elgin basin in southeastern New Brunswick. The well was jointly funded by Corridor and Columbia Natural Resources Canada Ltd., its 50% working interest partner in the Elgin area exploration licences. The well encountered minor natural gas shows while drilling Albert formation sandstone intervals, but failed to encounter commercial hydrocarbons. However, the information obtained in the well will assist Corridor and Columbia in planning future exploration drilling locations in the basin.
Columbia Natural Resources Canada Ltd. is the Canadian affiliate of Columbia Natural Resources, the exploration and production unit of Columbia Energy Group (NYSE - CG). CNR is headquartered in Charleston, W.Va. and is a leading natural gas and oil producer in the eastern United States.
Corridor is a junior oil and gas exploration company, headquartered in Halifax, Nova Scotia, holding more than 2 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.
