Corridor Announces Conversion Of Notes
Halifax, Nova Scotia, October 24, 2005: Corridor Resources Inc. (CDH - TSX-V) (the "Corporation") announced today that holders of 99.7% of Corridor's $3,000,000 convertible notes have chosen to convert their notes into common shares at the conversion price of $1.60 per share. The remaining $9,000 principal amount of the notes has been redeemed. The conversion has resulted in the issuance of 1,869,372 common shares. As a result of the conversion of the substantial majority of the notes, the $3,000,000 that had been segregated will be available for further drilling and fracing activities at the McCully field in New Brunswick.
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.
