Corridor Receives Approval To Construct McCully Pipline
Halifax, Nova Scotia, October 6, 2006, (TSX - CDH): - Corridor Resources Inc. (CDH:TSX) (the "Corporation") announced today that the New Brunswick Board of Commissioners of Public Utilities ("Board") has issued a decision in respect of Corridor's application for a permit to construct pipelines and related facilities ("facilities") from the McCully natural gas field to connect with the Maritimes & Northeast Pipeline.
The Board is of the opinion that the construction and operation of the facilities proposed by Corridor is in the public interest and, accordingly, a permit to construct will be issued subject to the terms and conditions set out therein.
Corridor will commence construction of the facilities as soon as practicable, and anticipates that initial production from Phase 2 development of the field will commence in February, 2007, reaching gas plant design capacity of 30 million standard cubic feet per day early in the spring of 2007.
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.
