Corridor Seeks Expressions Of Interest For Natural Gas Storage In Salt Caverns Near Sussex, New Brunswick
Halifax, Nova Scotia, April 11, 2008, (TSX - CDH): Corridor Resources Inc. ("Corridor") announced today that it is conducting a non-binding open season commencing on April 15, 2008 and closing on May 30, 2008 to solicit interest from existing and future shippers on the Maritimes and Northeast Pipeline (M&NP) system for storage services from Corridor's proposed Salt Springs Storage facility near Sussex, New Brunswick. The proposed facility, which is proposed to be connected to the M&NP pipeline system, is ideally situated to provide storage services for supply management/security, system balancing, peaking and arbitrage activities for markets in Atlantic Canada and the US Northeast.
Corridor holds the Province of New Brunswick Underground Storage Exploration License No. 08-01 issued pursuant to the Underground Storage Act authorizing it to investigate the development of its 15,000+ hectare license containing the Salt Springs salt deposit. This large salt deposit contains a thick section (up to 2,200 feet) of high quality salt (up to 98% NaCl) at depths ranging from 1,500 to 3,700 feet. The large deposit of high purity salt is at a sufficient depth to allow development of multiple caverns for storage of natural gas, liquefied petroleum gases (propane and butane), heating oil and crude oil. Corridor's preliminary technical and economic feasibility study has indicated that the Salt Springs deposit is well suited for the development of underground storage caverns.
Details regarding the open season and an initial description of the proposed gas storage facilities and storage services to be offered can be found on Corridor's web site (http://www.corridor.ca/).
Location of Salt Springs
Corridor is a junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick, Prince Edward Island and Québec and offshore in the Gulf of St. Lawrence. Corridor currently has reserves of natural gas at only one property, the McCully Field near Sussex, New Brunswick. In June 2007, Corridor completed the construction of a field gathering system, a gas plant and a pipeline lateral connecting the McCully Field to markets through the Maritimes & Northeast Pipeline.
For further information:
Corridor Resources Inc.#301, 5475 Spring Garden Road,
Halifax, Nova Scotia
B3J 3T2
Contact: Norman W. Miller, President
Tel: (902) 429-4511
Fax: (902) 429-0209
Web: http://www.corridor.ca/
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements pertaining to the quantity of natural gas reserves, net present values of future net revenues from reserves. Statements relating to "reserves" are forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described exist in the quantities predicted or estimated and can profitably be produced in the future.
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to Corridor and its shareholders.
Forward-looking statements are based on Corridor's current beliefs as well as assumptions made by, and information currently available to, Corridor concerning anticipated financial performance, business prospects, strategies, regulatory developments, future natural gas commodity prices, future natural gas production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, and the ability to add production and reserves through development and exploration activities. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that forward-looking statements will not be achieved. These factors may be found under the heading "Risk Factors" in Corridor's Annual Information Form for the year ended December 31, 2007.
The forward-looking statements contained in this press release are made as of the date hereof and Corridor does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
