Corridor Spuds McCully K-57 Well
Halifax, Nova Scotia, February 27, 2004: Corridor Resources Inc. (CDH - TSX-V) announced today that drilling has commenced at the McCully K-57 delineation well. The well is located approximately one and one-half kilometres northeast of the McCully A-67 discovery well and is designed to appraise the natural gas potential of the Hiram Brook formation between the McCully A-67 and D-48 wells. The K-57 well location was selected based on the 3-D seismic program recently conducted across the northwest part of the McCully Field. The planned total depth is 2600 m and it is expected to take approximately 32 days to complete the well before undertaking gas flow testing operations. Potash Corporation of Saskatchewan Inc. is a 50% partner with Corridor in this Corridor operated well.
Corridor is a junior oil and gas exploration and production 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.
