Corridor Spuds McCully #2 Well Near Sussex, New Brunswick
Halifax, Nova Scotia, January 29, 2001: Corridor Resources Inc. (CDH - CDNX) announced today that it has commenced drilling the McCully #2 well near Sussex, New Brunswick. The well is being drilled in a 50/50 joint venture partnership with the Potash Corporation of Saskatchewan Inc., with Corridor acting as the operator.
The McCully #2 well will be the first well to appraise the natural gas discovery made by the McCully #1 well and first announced on September 20th, 2000. It will be directionally drilled from the same surface location as the #1 well to penetrate the McCully gas bearing sands at a bottom-hole location approximately 500 metres to the south southeast of the initial well. The well is designed to reach a total measured depth of 2520 metres and will take an estimated 42 days to be drilled, logged and completed.
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.
The Potash Corporation of Saskatchewan Inc. is a publicly traded company on the Toronto and New York stock exchanges.
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.
