Corridor/PCS K-57 Well Status
Halifax, Nova Scotia, April 22, 2004: Drilling operations at the Corridor/PCS McCully K-57 reached a total depth of 2660m at 0700 hours April 21. The Hiram Brook sands of the Albert Formation were drilled underbalanced with inert nitrogen over the interval of 2100m to 2660m.
As expected, a total of five sand packages (A through E) have been penetrated while drilling underbalanced. The gas chromatograph confirmed, while drilling, the presence of natural gas in all of these sands. Gas has been flared at surface while drilling, on connections, and after round trips for bit changes. Wireline logging commenced at 0830 this morning and the data obtained from these runs will indicate the net pay. Tomorrow, a Production Log will be run to determine the initial flow rate contribution from each of the sand packages, and then followed by the installation of production tubing. Over the weekend, the rig and other service equipment will be removed from site, and the well will be placed on longer-term test followed by a final pressure build-up. Flow rate and pressure information will be released, when available, next week. Gas reserves and production profiles for this portion of the McCully Field will be updated during May.
Corridor is a junior oil and gas exploration and production company, headquartered in Halifax, Nova Scotia, with interests onshore in New Brunswick, and Quebec, and offshore in the Gulf of St. Lawrence. The Potash Corporation of Saskatchewan Inc. is a publicly traded company on the Toronto and New York stock exchanges.
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.
