Corridor Reports On McCully K-66 Well
Halifax, Nova Scotia, April 11, 2006, (TSX - CDH): - Corridor Resources Inc. (CDH - TSX-V) (the "Corporation") announced today that the McCully K-66 well has been drilled to a total depth of 2485 metres. The well encountered 45 metres of indicated net gas pay thickness in the Hiram Brook formation, including 24 metres in the "A" sand and the remainder in the "B", "C" and "D" sands. The Nabors #4 drilling rig is being relocated to drill the M-66 well from the same surface drill pad, and is designed to intersect the Hiram Brook Formation at a location approximately 800 metres due west of the McCully O-66 well (please see map below). The K-66 well is the 15th 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 in October/November this year.
Corridor also wishes to announce the retirement today of Mr. Jacques Plante as a director of the Corporation. Mr. Plante has served as a director of Corridor since 1996 and has provided valuable advice to the Corporation during his years of service.
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.
