Corridor Announces New Board Nominees
Halifax, Nova Scotia, December 22, 2005: Corridor Resources Inc. (CDH - TSX-V) (the "Corporation") is pleased to announce the names of three new nominees who have agreed to stand for election as directors at the Corporation's annual meeting to be held on January 26, 2006. At the annual meeting, Corridor management will nominate Mr. Achille E. Desmarais, Mr. Robert D. Penner and Mr. W.C. (Mike) Seth in addition to the current members of the Board of Directors. Each of the three new nominees is considered independent within relevant corporate governance guidelines and brings valuable expertise to the Corporation.
Mr. Desmarais is an independent consultant who lives in Montreal. He previously spent 14 years as a senior portfolio manager and investment analyst with the Caisse de dépôt et placement du Québec specializing in the energy sector, oil and gas, pipelines and public utilities, and managing an energy portfolio of approximately half a billion dollars. He is a chartered accountant and a chartered financial analyst and has agreed to serve on Corridor's audit committee upon his election to the Board.
Mr. Penner was a senior tax partner with KPMG LLP until April 30, 2004 with a practice that focused primarily on providing taxation advisory services and related matters. He is a member of the Canadian Tax Foundation and the Canadian Petroleum Tax Society and has lectured on various topics of taxation, including Canadian oil and gas taxation. During his years in practice, he advised numerous private and public oil and gas corporations as their principal external tax advisor on transactional matters within Canada and abroad. He has been active in community service in the City of Calgary. Mr. Penner will also join Corridor's audit committee upon his election to the Board.
Mr. Seth is an expert in the field of reservoir engineering and analysis and is well known and respected within both the oil and gas industry and the investment community. He recently retired as President and Managing Director of McDaniel & Associates Consultants Ltd. ("McDaniel"), having been with the firm for over 37 years. McDaniel is a preeminent oil and natural gas reserve evaluator in Canada and internationally. Mr. Seth has a B.A.Sc. degree in Mechanical Engineering from the University of British Columbia. He has appeared as an expert witness before various regulatory authorities and before the Court of Queens Bench, Alberta. He was a member of the Council of APEGGA and also served on the Practice Standards Committee - Oil & Gas Evaluations. He serves on the boards of various other junior oil and gas companies (reporting and non-reporting issuers) and of one senior oil and gas income fund. He is also the founder and a director of Energy Navigator Inc, a private software development firm servicing the petroleum industry. He has also been involved in a variety of community and charity work, primarily in his home city of Calgary.
Corridor is fortunate to attract individuals with the character, reputation and expertise of these gentlemen to its board of directors.
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.
