Corridor Completes Seismic Programs In New Brunswick And Offshore Nova Scotia
Halifax, Nova Scotia, December 30, 2003: Corridor Resources Inc. (CDH - TSX-V) announced today that it has completed a 3-D seismic survey at the McCully natural gas field in south-central New Brunswick. The seismic was acquired over an area of approximately 30 square kilometres. Following processing and interpretation, the seismic results will be utilized to locate future delineation and development wells during the next phase of drilling at McCully.
Corridor also announced that it has completed a 2-D seismic program on its exploration licence located off the west coast of Cape Breton in the Gulf of St. Lawrence. Approximately 500 line kilometres of data were acquired over an area of approximately 750 square kilometres. The survey commenced on December 15 and, following some interruptions due to rough weather, was completed on Christmas morning. No marine mammals were sighted within one kilometer of the seismic vessel during survey operations. Following processing and interpretation, the seismic results will be utilized to locate an exploration well on the Cheticamp natural gas prospect located approximately 20 kilometres off the coast. However, drilling operations can only take place in the area with the approval of the Canada-Nova Scotia Offshore Petroleum Board.
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.
