Corridor Contracts Rig For Further McCully Drilling
Halifax, Nova Scotia, March 14, 2005: Corridor Resources Inc. (CDH - TSX-V) announced today that it has contracted Rig 4 from Nabors Drilling, a Division of Nabors Canada ULC to undertake further drilling at McCully in New Brunswick. The rig is a "double", and is expected to be very suitable for drilling and completing wells in the gas-productive Hiram Brook Formation. However, it also has the depth capacity to explore the deeper Dawson Settlement Formation expected to be present but yet to be penetrated at McCully.
The rig is to be mobilized from Western Canada to New Brunswick by early April, and it is expected that drilling operations will commence at the McCully C-67 location by the middle of April. The C-67 well is located to assist in delineating the western flank of the McCully Field, as illustrated below.
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, 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.
