Globex Farms In On Corridor Exploration Licences Onshore In Southeastern New Brunswick
Halifax, Nova Scotia, December 28, 2000: Globex Resources Ltd. (GBX - CDNX) and Corridor Resources Inc. (CDH - CDNX) announced the execution of a Letter of Intent (LOI) pursuant to which Globex will farm-in on three exploration licences held by Corridor in the Sussex area of southeastern New Brunswick. Under the terms of the LOI, Globex will undertake $2 million of exploration work over the next two years to earn a 50% working interest in the licences which are currently held 100% by Corridor. The planned exploration work will include modern seismic and exploration drilling, with the initial work commencing next spring.
The three licences cover an area of 106,700 acres and are located to the north and west of the town of Sussex and to the west of the McCully natural gas discovery (see attached map) recently announced by Corridor. Initial analysis of well logs, production tests and 3-D seismic data indicate in-place natural reserves possibly in excess of 300 bcf in the McCully structure. Both the discovery and the exploration licences are in close proximity to the Maritimes & Northeast Pipeline which delivers gas from offshore fields in the Sable Island area to markets in the Maritimes and northeastern United States.
Globex is a Calgary based, junior exploration company, currently producing over 600 boe/d of oil and natural gas in Western Canada. While Globex continues to increase its production in Western Canada through exploitation programs, this natural gas exploration program provides the Company with a strategic entry into eastern Canada.
Corridor is a junior oil and gas exploration company, headquartered in Halifax, Nova Scotia, with interests onshore in New Brunswick, Prince Edward Island and Quebec and offshore in the Gulf of St. Lawrence.
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.
