Globex And Corridor Abandon Case Settlement Well
Calgary, Alberta / Halifax, Nova Scotia, February 14, 2002: Globex Resources Ltd. (GBX - CDNX) and Corridor Resources Inc. (CDH - CDNX) announced today they have abandoned the Case Settlement C-82 well, located approximately 22 kilometres west of the McCully natural gas discovery near Sussex, New Brunswick. The well reached a total depth of 2123 metres after encountering minor shows of natural gas. The well was part of a farmin program under which Globex completed the funding of $2 million of exploration expenditures to earn a 50% working interest in three Corridor exploration licences (106,700 gross acres) located to the west and north of Sussex. Case Settlement C-82 is the first deep stratigraphic test well drilled on these licences, and the valuable information obtained will be used to further assess the Case Settlement prospect as well as other prospects on the lands.
Globex is a Calgary based, junior company, currently producing 750 boe/d of oil and natural gas in Western Canada. While Globex continues to increase its production in Western Canada, the earned exploration acreage in New Brunswick has provided 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.
