Corridor Applies To Conduct A Seismic Survey Offshore Cape Breton
Halifax, Nova Scotia, October 28, 2003: Corridor Resources Inc. (CDH - TSX-V) announced today that it has filed an application with the Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) to undertake a small 2-D marine seismic program on Exploration Licence EL 2368 located offshore western Cape Breton in the gulf of St. Lawrence. This modern seismic program will assist in defining the promising natural gas potential of the Cheticamp prospect indicated following re-processing of old seismic by Corridor in 1999. The program consists of approximately 500 kilometres of data to be acquired in the period between November 1, 2003 and February 29, 2004, and will take approximately six days to complete under favourable weather conditions. Corridor will operate the program and the seismic contractor will be Geophysical Service Incorporated (GSI) using the Canadian owned and crewed vessel the GSI Admiral operating out of the Strait of Canso area.
In conducting this program, Corridor and GSI intend to meet all of a number of special conditions required by the CNSOPB following public hearings and committee processes undertaken during the past two years, including the following:
- Corridor will carry out the program during the prescribed fall/winter season. This will ensure that the program does not conflict with the important snow crab fishery conducted in the area during the spring and summer.
- Corridor will follow a 30-minute incremental ramp-up procedure to avoid surprising marine mammals in close proximity to the survey vessel.
- Corridor will have a fisheries representative on board the seismic vessel during the survey.
- Corridor will have a trained biological observer on board the seismic vessel to assist the operator with marine mammal observations.
- Corridor will suspend seismic activities whenever whales are observed within one kilometer of the vessel and shall not resume until the whales have left the area.
- Prior to authorization, Corridor will consult with the CNSOPB and the Department of Fisheries and Oceans to address mitigative measures to minimize any potential risk to cod.
- Prior to authorization, Corridor and GSI will provide to the CNSOPB an acceptable financial compensation program for possible damage to fishing gear.
- Prior to authorization, Corridor will submit an appropriate Environmental Effects Monitoring (EEM) program.
- Corridor will not acquire any seismic within 10 kilometres of the shoreline, measured from the low water mark.
Copies of final reports resulting from the public hearings and committee processes are available on the CNSOPB's website, including the Commissioner's report, the Ad Hoc Working Group report and the Science Group report, all pertaining to seismic operations offshore Cape Breton.
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.
