Operations At Copper Mine Hill Well Terminated
Halifax, Nova Scotia, October 16, 2001: Corridor Resources Inc. (CDH - CDNX) announced today that the Copper Mine Hill #2 well has been abandoned. The well was drilled to a total depth of 3420 metres and followed-up on an earlier corehole that encountered significant gas shows while penetrating the Hillsborough formation. However, the gas shows encountered in the follow-up well were indicated to be uncommercial based on well logs and other data. Columbia Natural Resources Canada, Ltd and Corridor are equal participants in the well, with Columbia acting as operator.
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.
Columbia Natural Resources Canada, Ltd. is a Canadian subsidiary of Columbia Energy Resources, Inc. (CER) the exploration, production and gathering company of NiSource Inc. (NYSE - NI). CER is a leading producer of natural gas and oil in the Appalachian Basin and eastern Canada. Columbia Natural Resources Canada, Ltd. is based in Frederiction, 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.
