Corridor Reports On Results Of McCully J-67 Well
Halifax, Nova Scotia, March 6, 2006: - Corridor Resources Inc. (CDH - TSX-V) (the "Corporation") announced today that the McCully J-67 well has been drilled to a total depth of 2659 metres. The well encountered 31 metres of indicated net gas pay thickness in the Hiram Brook formation, including 19 metres in the "B" sand and 12 metres in the "A" sand. The Nabors #4 drilling rig is being relocated to drill the K-66 well, designed to penetrate the Hiram Brook formation at a location approximately 600 metres southwest of the McCully O-66 well (please see map below). The J-67 well is the 14th well drilled to date in the McCully field that has encountered natural gas bearing sands in the Hiram Brook Formation. The well has been logged and cased to total depth in preparation for frac stimulation operations planned to be conducted at the well later this year. Potash Corporation of Saskatchewan has elected not to participate in the J-67 well.
Within the next two weeks Corridor will provide an update on its forward plans for the next couple of years with respect to the longer term development of the McCully Field and the exploration of other prospects in the McCully area.
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 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.
