Corridor To Participate In Copper Mine Hill Well Near Sackville, New Brunswick
Halifax, Nova Scotia, October 17, 2000: Corridor Resources Inc. (CDH - CDNX) announced today that it will participate equally (50/50) with Columbia Natural Resources Canada Limited to drill the Copper Mine Hill oil and natural gas exploration well located approximately 8 kilometres northwest of Sackville, New Brunswick. The well will be drilled as a "deep test hole" to a planned depth of 2500 metres at an estimated total cost of approximately $500,000. It is designed to evaluate the Albert sand/shale sequence beneath the Hillsborough unconformity. The well is expected to spud this week and to reach total depth by the middle of December.
Corridor also announces it has agreed to a private placement financing of up to 666,667 Flow Through common shares at a price of 60 cents per share. Proceeds from the financing will be utilized to finance Corridor's share of the costs of the Copper Mine Hill well. All securities issued under this placement will be subject to a one-year hold period.
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 Limited 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. Columbia Natural Resources Canada Limited is based in Fredericton, New Brunswick.
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.
