HALIFAX, NOVA SCOTIA--(Marketwired - April 1, 2014) - Corridor Resources Inc. (TSX:CDH): Corridor Resources Inc. ("Corridor") announced today the closing of its Anticosti Island, Québec joint venture with the Government of Québec (through its affiliate, Ressources Québec), Pétrolia Inc. ("Pétrolia") (TSX VENTURE:PEA) and Etablissements Maurel & Prom S.A. Corridor had previously announced the signing of a non-binding letter of intent on February 13, 2014. Plans are underway to commence the first phase of the program to appraise and potentially develop hydrocarbon resources on Anticosti Island beginning in 2014.
"We are pleased to be moving this evaluation program to the implementation stage, as Corridor believes this has the potential to unlock a large resource base which could provide significant economic benefits to Québec and to Corridor and its partners," said Mr. Phillip Knoll, CEO, Corridor Resources Inc., who added, "We are happy to have both Ressources Québec and Maurel & Prom S.A. join with Pétrolia and Corridor in undertaking this appraisal program of up to $100 million. The combined expertise of the participants will be utilized in a manner that ensures the use of industry best practices to move forward with an effective and environmentally responsible program designed to determine Anticosti's hydrocarbon development potential."
Corridor is an Eastern Canadian junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick and Québec and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas production and reserves in the McCully Field near Sussex, New Brunswick and crude oil reserves in the Caledonia Field near Sussex, New Brunswick. In addition, Corridor has contingent resources and discovered unrecoverable resources in Elgin, New Brunswick and undiscovered resources on Anticosti Island, Québec where Corridor has ongoing exploration projects.
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: the appraisal and development program to be conducted by the joint venture; the characteristics and potential of the resources of Anticosti Island; benefits of the program to Québec, Corridor and its partners; practices to be used by the joint venture participants; and business plans and strategies.
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 the terms of the agreements governing the Anticosti joint venture and Corridor's current beliefs as well as assumptions made by, and information currently available to, Corridor concerning Anticosti Island, business prospects, strategies, regulatory developments, government support, future commodity prices, future natural gas production levels, the ability to obtain equipment in a timely manner to carry out exploration and development activities, the ability to market products successfully and the ability to obtain financing on acceptable terms. 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, 2013.
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.