Corridor Resources Inc. CDH.ASE Message Board

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Gold/Mining/Energy : Corridor Resources Inc. CDH.ASE

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To: nammir chucri who wrote (7)	6/23/1999 7:27:00 AM
From: Buckey	of 33

Corridor and Encal Energy commence drilling at Anticosti Island Corridor Resources Inc CDH Shares issued 22,380,696 1999-06-22 close $0.9 Wednesday Jun 23 1999 Also Encal Energy Ltd (ENL) Mr. Norman Miller reports Shell Canada Limited, as operator, and its partner Encal Energy Ltd. have spudded the Chaloupe No. 1 well in the eastern portion of Anticosti Island. Chaloupe is the first of three wells to be drilled this summer by Shell as part of a farm-in program on Corridor's licences. The wells will be on three distinctly different styles of prospects identified by new seismic run by Shell last summer toward the eastern end of the island. Upon completion of the three wells to be drilled this summer, Shell and Encal will earn a 100-per-cent working interest in licences covering most of Anticosti Island, subject to a 10-per-cent gross overriding royalty payable to Corridor on the first five million barrels equivalent of oil produced and removed from the island. This royalty would be convertible to a 30-per-cent Corridor-carried working interest, with no capital payback, once the five million barrel production threshold has been achieved.

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