Corridor Resources Inc.

Corridor Resources Inc.

September 21, 2010 17:00 ET

Corridor Appoints New CEO

HALIFAX, NOVA SCOTIA--(Marketwire - Sept. 21, 2010) - Corridor Resources Inc. (TSX:CDH) is pleased to announce that it has appointed Mr. Phillip R. Knoll as its new President and Chief Executive Officer, effective as of mid-October. Mr. Knoll brings substantial executive experience in the oil and gas industry, with a focus on the processing and transportation of natural gas in eastern and western Canada and the United States. A Nova Scotia native, Mr. Knoll combines an understanding for both the upstream and midstream natural gas industry with an extensive knowledge of the Atlantic Canada business community. Mr. Knoll, who also joins Corridor's Board of Directors, succeeds Norman Miller, Corridor's founding CEO. On May 10, 2010, Corridor announced Mr. Miller's plans to retire at the end of September and that it had initiated a process to identify a new CEO.

Mr. Knoll served as Chief Operating Officer and Executive Vice President of TransCanada Midstream from 1998 to 1999; President of Westcoast Gas Services, Inc. from 1999 to 2000; President (2001 – 2003) of Maritimes and Northeast Pipeline; Group Vice President of Duke Energy Gas Transmission from 2003 to 2005; and President of Knoll Energy Inc. from 2005 to present. Mr. Knoll serves on the Board of Directors of Bankers Petroleum Ltd. and Heritage Gas.

"I am extremely pleased to have a person of Phil's experience, reputation and capabilities to lead Corridor through the next stage of its growth and development" said Norm Miller, who continues to serve on Corridor's Board of Directors.

An extensive and thorough search process was conducted by Corridor's Board over the past several months to locate a new CEO. Said Corridor's Chairman, Doug Foster, on behalf of Corridor's Board of Directors: "We were fortunate to receive applications from a number of excellent candidates. However, Phil's high energy level and focus, extensive executive and managerial experience and superior knowledge of the North American gas industry made him the clear choice for us. We believe he will create value for our shareholders."

"I want to thank Corridor's Board of Directors for their confidence in me with this appointment; it is indeed a privilege" said Mr. Knoll. "In particular, I want to acknowledge the significant accomplishments that have been achieved by Corridor under Norm's direction. This is a very exciting time to be joining the Corridor team and I look forward to working with the employees and stakeholders as we progress the development opportunities, grow the company and add shareholder value."

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 the McCully Field near Sussex, New Brunswick and shale gas resources in the adjacent Elgin sub-basin. In December 2009, Corridor entered a joint venture to appraise and potentially develop its significant shale gas resources in the Elgin area.

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 expectations for the creation of future shareholder value.

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. These factors include, but are not limited to: risks associated with oil and gas exploration, financial risks, substantial capital requirements, bank financing, government regulation, environmental, prices, markets and marketing, issuance of debt, variations in exchange rates and hedging. Further information regarding these factors may be found under the heading "Risk Factors" in Corridor's annual information form for the year ended December 31, 2008 and its most recent management's discussion and analysis. Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive. 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 and oil commodity prices, exchange rates, 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. 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.
    Norman W. Miller
    902-429-0209 (FAX)