HALIFAX, NOVA SCOTIA–(Marketwire – Feb. 21, 2012) – Corridor Resources Inc. (TSX:CDH) announced today that Dr. Tom Martel, Chief Geologist for Corridor Resources, is making a presentation entitled “A Comparison of Two Utica Shales: Eastern Ohio Versus Anticosti, Quebec” at the Houston NAPE International Forum on Wednesday, February 22 at 3:00 pm. The presentation will include, among other things, the new results of a study by Schlumberger Canada Ltd. comparing the petrophysical properties of the Utica shale in the Ohio Geological Survey CO2 #1 well with those of the Macasty Shale (a geological equivalent to the Utica) in the Petrolia/Corridor Chaloupe #1 well on Anticosti Island Quebec.
The results of this study demonstrate that the majority of rock parameters are very similar, including net pay, total organic carbon, clay content and hydrocarbon saturation. The porosity of the Chaloupe Macasty shale averages 4 to 6 percent, which compares favorably to the Ohio shale. This factor, together with earlier permeability analyses, is a positive indicator for oil and gas production potential.
This presentation, together with the Schlumberger report, will be posted on the Corridor website on Thursday, February 23.
Corridor controls nearly 900,000 acres of prospective Macasty lands on Anticosti Island. This data would suggest that the rock properties of the Macasty shale are similar to that of the Utica shale in Ohio where a number of companies are active.
Corridor also announced the recent resignation of Mr. Jack Bray as a Director of the Corporation. Mr. Bray advised Corridor that he was of retirement age and was cutting back on business commitments in several areas.
Corridor is an Eastern Canadian junior resource company engaged in the exploration for 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 natural gas reserves and production in the McCully Field near Sussex, New Brunswick and discovered crude oil reserves in the Caledonia Field near Sussex, New Brunswick in 2008. In addition, Corridor has contingent resources and discovered resources of shale gas in Elgin, New Brunswick.
Forward Looking Statements
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 business plans, goals and strategies, the characteristics of the Macasty shale and the potential for production from the Macasty shale formation.
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 the characteristics of the Macasty shale formation, the results from the Schlumberger study, business prospects, strategies, regulatory developments, future natural gas commodity prices, future natural gas or oil production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market natural gas and oil successfully to current and new customers. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Unknown risks and uncertainties include, but are not limited to risks associated with oil and gas exploration, financial risks, substantial capital requirements, bank financing, government regulation, environmental, prices, risks may not be insurable and reserves and resources estimates. Further information regarding these factors and additional factors may be found under the heading “Risk Factors” in Corridor’s Annual Information Form for the year ended December 31, 2010.
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.