Intermediate Casing Run At McCully K-57 Well
Halifax, Nova Scotia, April 1, 2004: Corridor Resources Inc. (CDH - TSX-V) announced today that the McCully K-57 delineation well has been drilled to an intermediate depth of 2061 metres and casing has been run to that depth. The well is located approximately one and one-half kilometres northeast of the McCully A-67 discovery well. The intermediate section of the well has taken longer to drill than planned due to difficult drilling conditions, resulting in the well being approximately 15 days behind the original schedule at this point.
Drilling of the potential gas bearing reservoir section is expected to commence early next week utilizing nitrogen as the drilling fluid. Once drilling has been completed to a planned total depth of 2570 metres the well will be flow tested to determine the rate and pressure of natural gas production. It is expected that results from the testing will be released around the middle of April. Corridor and Potash Corporation of Saskatchewan are equal participants in the well, with Corridor acting as the operator.
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.
