HALIFAX, NOVA SCOTIA–(Marketwire – Feb. 29, 2012) – Corridor Resources Inc. (TSX:CDH) Corridor Resources Inc. reported today that, on February 27, 2012, the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) issued a decision to dismiss Corridor’s application for a prohibition order in respect of Corridor’s Exploration Licence (EL) 1105. The application was made by Corridor as a result of what Corridor considered to be duplicative regulatory processes, due to Corridor being subject to a project specific Environmental Assessment (EA) while a concurrent Strategic Environmental Assessment (SEA) takes place. If granted, the prohibition order would have effectively provided Corridor a “time-out” on its licence during the conduct of the SEA.
The C-NLOPB also decided that the Western Newfoundland SEA Update should be completed before proceeding with the review of the Old Harry EA for the single exploration well proposed to be drilled within Corridor’s EL 1105. The C-NLOPB announced that the SEA Update will be completed in early 2013 and that the work of the Independent Reviewer has been terminated.
Corridor is pleased with the decision by the C-NLOPB to conclude the SEA Update before proceeding with the review of Corridor’s EA. Corridor believes that both the SEA and the Old Harry EA processes can be completed in a timeline which will accommodate Corridor’s proposed project schedule. Corridor currently proposes to drill a well at Old Harry within the 2014-15 timeframe.
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, 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, plans for drilling a well at Old Harry and timing of such drilling, and timing of completion of the SEA Update and the Old Harry EA processes.
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, including information concerning the business prospects, strategies, regulatory developments (including the SEA Update and the Old Harry EA processes), and the ability to obtain equipment in a timely manner to carry out drilling plans. 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, 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.