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Strategies & Market Trends : Dino's Bar & Grill
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To: Andrew~ who wrote (5126)2/13/2014 4:11:06 PM
From: Andrew~Read Replies (1) of 202143
 
CDH-T, PEA-V
Corridor Announces $100 Million Anticosti Joint Venture: The Government of Quebec and Maurel & Prom to Invest

Corridor Resources Inc. CA:CDH -1.71% : Corridor Resources Inc. ("Corridor") announced today that it has signed a letter of intent with the Government of Quebec, through its affiliates Investissement Quebec and Ressources Quebec ("RQ"), Petrolia Inc. ("Petrolia") (TSXV-PEA) and Etablissements Maurel & Prom S.A. ("M&P") to create a joint venture that will appraise and potentially develop hydrocarbon resources on Anticosti Island, Quebec.

Exploration Program

The letter of intent calls for the parties to conduct an exploration program of up to $100 million in two phases, Phase 1 of which is to consist of an initial program budgeted at $55 million and not to exceed $60 million. The Phase 1 program is planned to commence in 2014 and requires the drilling of 15-18 stratigraphic wells in year one followed by three wells with multiple fracture stimulations in year two. Following a favourable decision of the board of directors of the General Partner of the limited partnership to be formed in its review of the Phase 1 results, a Phase 2 program for the remaining $40 to $45 million will be undertaken to drill and fracture stimulate an additional number of wells and conduct certain feasibility studies.

http://www.marketwatch.com/story/corridor-announces-100-million-anticosti-joint-venture-the-government-of-quebec-and-maurel-prom-to-invest-2014-02-13-16173339?reflink=MW_news_stmp
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