Corridor Resources Inc.
TSX : CDH

Corridor Resources Inc.

April 06, 2017 08:00 ET

Corridor Announces Update Regarding Anticosti Joint Venture

HALIFAX, NOVA SCOTIA--(Marketwired - April 6, 2017) - Corridor Resources Inc. (TSX:CDH) ("Corridor" or the "Company") confirms that Corridor, together with other partners of Anticosti Hydrocarbons L.P., have entered into negotiations with the Government of Québec with the goal of terminating the exploration joint venture project on Anticosti Island. These negotiations have resulted from a request by Anticosti Hydrocarbons L.P. for the Québec Government to clarify its position regarding hydrocarbon exploration and development on Anticosti as a consequence of the Government's decision to support an application for the designation of the island as a UNESCO World Heritage site.

The Anticosti joint venture is a limited partnership formed in 2014 between Corridor, Ressources Québec Inc., a subsidiary of Investissement Québec (an affiliate of the Government of Québec), Pétrolia Inc. and Saint-Aubin E&P Québec Inc. The purpose of the joint venture is to appraise and potentially develop hydrocarbon resources on Anticosti Island.

No assurance can be given that the negotiations will be successfully concluded. Corridor does not intend to comment further on the matter until an agreement is reached or the negotiations end without agreement.

Corridor is a 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. In addition, Corridor has a shale gas prospect in New Brunswick, an offshore conventional hydrocarbon prospect in the Gulf of St. Lawrence and an unconventional hydrocarbon prospect through a 21.67% interest in Anticosti Hydrocarbons L.P., a joint venture with undeveloped lands on Anticosti Island, Québec.

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 plans of the Québec Government, the Anticosti joint venture partners in respect of the Anticosti joint venture and Anticosti Island and negotiations regarding the termination of the Anticosti joint venture.

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 plans of the Québec Government, business prospects, strategies, regulatory developments. 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, 2016.

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.

Contact Information

  • Corridor Resources Inc.
    Steve Moran, President
    #301, 5475 Spring Garden Road, Halifax, Nova Scotia B3J 3T2
    (902) 429-4511
    (902) 429-0209 (FAX)
    www.corridor.ca