Corridor And Globex Spud The Case Settlement Well West Of Sussex, New Brunswick
Halifax, Nova Scotia / Calgary, Alberta, December 14, 2001: Corridor Resources Inc. (CDH - CDNX) and Globex Resources Ltd. (GBX - CDNX) announced today the spudding of the Case Settlement exploration well, located approximately 16 kilometres west of the town of Sussex, New Brunswick. The well is planned to be drilled to a total depth of 2300 metres by late January, 2002. It will test the prospective Albert formation in a sub-salt position on trend with the McCully natural gas discovery. The prospect is located approximately 22 kilometres west southwest of the McCully gas field.
The Case Settlement prospect was identified on seismic run by Corridor and funded by Globex last summer. The cost of the Case Settlement well will be funded by Globex to complete its $2 million farmin commitment to earn a 50% interest in three exploration licences held by Corridor. The three licences cover an area of 106,700 acres and are located to the north and west of the town of Sussex.
Globex is a Calgary based, junior exploration company, currently producing 850 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.
