Corridor Resources inc.: New Brunswick Natural Gas Flowing from Corridor's McCully Gas Field
HALIFAX, NOVA SCOTIA, Jun 27, 2007 (MARKET WIRE via COMTEX News Network) --
Corridor Resources Inc. (TSX: CDH)
Today New Brunswick Premier Shawn Graham and Corridor Resources CEO Norman Miller officially turned the valve and started the flow of New Brunswick natural gas towards homes and businesses connected to the Maritimes & Northeast Pipeline in Canada and the Northeastern United States.
At a ceremony that took place at the Corridor Resources McCully Gas Field gas began flowing into the gas plant and pipeline leading to the Maritimes & Northeast Pipeline.
A gas flare marked the start of production of approximately 35 million cubic feet of gas per day flowing from the Penobsquis, New Brunswick field. Production is expected to grow to 45 million cubic feet per day by November - enough energy to heat 250,000 homes.
At today's event, members of Corridor's staff, government officials, contractors and community members joined representatives from the Corridor board of directors to celebrate the start of production. Officials and special guests were given the opportunity to tour Corridor's well sites, gas plant and one of its drilling rigs.
"This is the culmination of a long journey," said Norman Miller, "but we've had many partners with us on the journey including our contractors, the community members who have worked with us, Potash Corporation of Saskatchewan Inc and the Province of New Brunswick. With their support we have arrived at this event."
The $200 million project will generate approximately $6 million in royalty revenues for the project annually, based on the planned initial rate of production.
The project has so far injected approximately $15 million directly into the local economy, and has created up to 20 permanent jobs in Penobsquis.
"We're committed to working with local suppliers and contractors in our development activities and production operations." says Norman Miller. "We've worked with the community from the beginning, and we will continue to make that a priority."
"Our initial production at this facility is just the beginning. We have a continuous development drilling program underway to add gas reserves and production. This will include evaluation of deeper sediments at McCully, as well as other prospects in the region. In many ways this announcement is a stepping stone to potential future projects," said Miller.
The McCully Natural Gas project is operated by Corridor Resources Inc., a natural gas exploration and production company based in the Maritimes. Corridor has been exploring for natural gas in southern New Brunswick since 1995, encountering and overcoming many challenges on the road towards production of natural gas from depths of more than a mile and a half below Penobsquis, New Brunswick in the Kennebecasis Valley.
The project includes 13 initial production wells, a field gathering system, gas plant, and a 50 kilometers pipeline lateral connection to M&NP.
This press release contains certain forward looking statements relating to, but not limited to, Corridor's operations, anticipated financial performance, business prospects and strategies, including expectations relating to production levels; capital expenditure programs; the quantity of natural gas reserves; projections of market prices; projections of costs; supply and demand for natural gas; expectations regarding the ability to raise capital and to continually add to reserves through exploration and development; treatment under governmental regulatory regimes; and expectations regarding the regulatory approval and construction of the necessary midstream facilities to connect the McCully Field to the M&NP. These statements are based on current expectations that involve numerous assumptions regarding factors and risks that could cause actual results to vary materially, including, without limitation to, the following factors: risks may not be insurable, dependence on key personnel, conflicts of interest, management of growth, government regulation, competition, risks associated with oil and gas exploration, financial risks, history of losses, expiration of licences and leases, relationship with PCS, Kyoto Protocol, environmental, prices, markets and marketing, issuance of debt, availability of drilling equipment and access, reserve estimates, title to properties and uncertainty of global financial markets. There is no representation by Corridor that actual results achieved will be the same in whole or in part as those set out in the forward looking information. Furthermore, the forward looking statements contained in this press release are made as of the date hereof, and Corridor undertakes no obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise.
Contacts: Corridor Resources inc. Norman Miller President 902-429-4511 902-429-0209 (FAX) nmiller@corridor.ca Sarah Moses 902-425-1860 ext 258 902-225-5812 (Cell) smoses@mtlpr.ca
SOURCE: Corridor Resources Inc.
mailto:nmiller@corridor.ca mailto:smoses@mtlpr.ca
Copyright 2007 Market Wire, All rights reserved. |
