Corridor And Columbia To Drill Near Sackville, New Brunswick
Halifax, Nova Scotia, July 17, 2000: Corridor Resources Inc. (CDH - CDNX) announced today that it will participate equally (50/50) with Columbia Natural Resources (Canada) Ltd. to drill the TCH G-100 oil and natural gas exploration well located approximately 12 kilometres northwest of Sackville, New Brunswick. The well will be drilled as a slim hole test to a planned depth of 1600 metres at an estimated total cost of $311,000. It is designed to evaluate the eastward extension of the Albert sand/shale sequence encountered at the Stoney Creek field located 17 kilometres to the west of the TCH G-100 well. The Stoney Creek field encountered 21 million barrels of oil-in-place, of which only 830,000 barrels were produced because of poor production techniques at the time. The field also produced more than 28 billion cubic feet of natural gas, which was sold to markets in Moncton over a period of 80 years. The TCH G-100 well is expected to spud this week and to reach total depth by the middle of August.
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.
Columbia Natural Resources Canada, Ltd. is a Canadian affiliate of Columbia Energy Resources (CER), the exploration, production and gathering company of Columbia Energy Group (NYSE - CG). CER is a leading producer of natural gas and oil in the Appalachian Basin and eastern Canada. Headquartered in Charleston, West Virginia, CER's operations stretch across nine eastern states and two Canadian provinces.
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.
