Corridor Updates McCully Field Activities
Not For Release, Publication Or Distribution In Or Into The United States
Halifax, Nova Scotia, August 02, 2006, (TSX - CDH): - Corridor Resources Inc. (TSX:CDH) (the "Corporation") announced today that well stimulation (fraccing) and testing operations have commenced at the McCully natural gas field, located approximately 12 kilometres northeast of Sussex, New Brunswick.
Fraccing and testing operations are planned to be conducted in a total of seven wells during August and September, commencing with the M-66 well. Corridor intends to provide updates on the results of these activities as they proceed. Six of these wells (M-66, K-66, J-66, J-67, D-57 and E-57) are located on joint lands with Potash Corporation of Saskatchewan, and PCS has elected to participate in these operations. A seventh well, B-58, is located on Corridor 100% lands and all expenditures will be for Corridor's account.
Corridor is currently preparing to set intermediate casing in the McCully E-57 well at a measured drilling depth of 2160 metres prior to drilling the Hiram Brook reservoir section. Seismic recording operations for Corridor's planned 3-D seismic program are scheduled to commence on August 9 and are expected to be completed by early September. Corridor is also preparing to conduct 2-D seismic operations in September in the Elgin area, located to the east of the McCully structure.
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.
