Corridor Plans Seismic Program In 2001 Southern Gulf Of St. Lawrence
Halifax, Nova Scotia, March 17, 2000: Corridor Resources Inc. (CDH - CDNX) announced today that it will submit a preliminary geophysical application next month to the Canada/Nova Scotia Offshore Petroleum Board (CNSOPB) for approval to undertake a 2-D seismic program in the southern Gulf of St. Lawrence during autumn, 2001. The 10 day seismic program is designed to delineate potential natural gas prospects located to the east of the East Point E-49 "significant natural gas discovery" made by Hudson's Bay Oil & Gas Company in 1970. The E-49 well tested natural gas at a rate of 5.5 million cubic feet per day in 1974.
Corridor plans to conduct the survey at a time and in a manner that will have no significant impact on the fishery. The plan will specify the location of the seismic lines, all of which are more than ten miles distant from the Cape Breton shoreline. In view of concerns that have been expressed regarding possible impacts on the environment, particularly the fishery, the long advance notice period is designed to facilitate an informed approval process.
Corridor is a junior oil and gas exploration company, headquartered in Halifax, Nova Scotia, with interests in more than 5 million acres of petroleum exploration licences in Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland.
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.
