Corridor Commences Drilling Operations At The McCully O-66 and Jupiter Well Locations
Halifax, Nova Scotia, September 12, 2005: Corridor Resources Inc. (CDH - TSX-V) (the "Corporation") announced today that drilling operations have commenced at the McCully O-66 well in the McCully natural gas field, New Brunswick.
The well will be directionally drilled from a surface location adjacent to the McCully A-67 discovery well to a planned bottom hole location approximately 700 meteres to the southwest (please refer to the McCully well location map below). It will be drilled to a total vertical depth of approximately 2500 metres to evaluate the natural gas potential of the Hiram Brook formation at that location.
The well will be cased in preparation for frac stimulation operations planned to be conducted at several McCully well locations between the middle of October and the end of November. The well will be flow-tested following completion of the frac stimulation operations, and is part of Corridor's plan to connect natural gas from the McCully field to markets via the Maritimes & Northeast Pipeline by the end of 2006. Potash Corporation of Saskatchewan has elected not to participate in the O-66 well.
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.
