Corridor Announces New Directors And Grant Of Options
Halifax, Nova Scotia, January 30, 2006: - Corridor Resources Inc. (CDH - TSX-V) (the "Corporation") is pleased to announce the election of three new directors, Achille E. Desmarais, Robert D. Penner and W. C. (Mike) Seth, at its annual and special shareholders' meeting held on Thursday, January 26, 2006. The election of Messrs. Desmarais, Penner and Seth as directors is subject to regulatory approval.
Mr. Desmarais is a Chartered Accountant and a Chartered Financial Analyst with more than 14 years of experience 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. Mr. Penner is also a Chartered Accountant whose entire career was spent in private practice with KPMG LLP focused primarily on providing advisory services on taxation and related matters until his retirement in 2004. 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., having been with the firm for over 37 years.
The addition of Messrs. Desmarais, Penner and Seth increases the number of qualified independent directors with financial and oil and gas expertise to Corridor's board of directors. The board currently consists of nine directors: Charles MacDonald (chair), Jack Bray, Achille Desmarais, Douglas Foster, Paul Hopkins, Norman Miller, Robert Penner, Jacques Plante and Mike Seth.
Corridor is also pleased to announce that the board of directors has appointed Robert Penner (chair), Achille Desmarais and Charles MacDonald, each of whom is independent and financially literate, as members of the Audit Committee; Doug Foster (chair), Jack Bray and Robert Penner as members of the Governance Committee; and Mike Seth (chair), Achille Desmarais and Norman Miller as members of the Reserves Committee.
In addition, the board of directors has approved the grant of 200,000 stock options pursuant to Corridor's stock option plan to each of Messrs. Desmarais, Penner and Seth. The options vest over three years, have a five year term and an exercise price of $4.40. The exercise price is a discount to the current trading price but a premium to the trading price when Corridor announced the new Board nominees on December 22, 2005. The grant of options is also subject to regulatory approval.
Corridor is a junior oil and gas exploration company, headquartered in Halifax, Nova Scotia, with interests onshore in New Brunswick, Prince Edward Island and 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.
