Corridor Announces the Results of an Independent Reserves Report for the McCully Gas Field.HALIFAX, Nova Scotia For other uses, see Halifax. Halifax, Nova Scotia may refer to any of the following:
TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture: CDH Congenital diaphragmatic hernia (CDH) A condition in which the fetal diaphragm—the muscle dividing the chest and abdominal cavity—does not close completely. Mentioned in: Prenatal Surgery ) announced today the results of an independent reserves report (the "Report") for part of the McCully natural gas field located near Sussex, New Brunswick Sussex (2006 population: 4,241) is a Canadian town in Kings County, New Brunswick. Sussex straddles the Kennebecasis River, 70 km northeast of Saint John. History . The Report assesses the quantity and value of Corridor's working interest share of the proved, probable and possible reserves in a portion of the McCully field encompassing the McCully A-67, P-66, K-57 and D-48 wells. Please refer to the McCully field map (see link below) showing the three fault blocks assessed in this Report. The combined geological, reservoir engineering and economics Report was conducted by APA (All Points Addressable) Refers to an array (bitmapped screen, matrix, etc.) in which all bits or cells can be individually manipulated. APA - Application Portability Architecture Petroleum Engineering Ltd. (APA) and Petrel petrel (pĕ`trəl), common name given various oceanic birds belonging, like the albatross and the shearwater, to the order known commonly as tube-nosed swimmers. Robertson Consulting Ltd., both of Calgary, Alberta. The Report estimates that the current proved ultimate gas recovery for the portion of the field evaluated is 18 billion cubic feet (bcf), or 9 bcf net to Corridor. The proved reserves are limited to those that can be accommodated within the existing gas contract with Potash Corporation of Saskatchewan The Potash Corporation of Saskatchewan, today generally referred to as PotashCorp, is a Canadian corporation based in Saskatoon, Saskatchewan that is the world's largest producer of potash. The company was created by the government of Saskatchewan in 1975. Inc. (PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. ).Production to date is 0.8 bcf gross, or 0.4 bcf net to Corridor. The probable and possible reserves are associated with future gas export via a pipeline connection to the Maritimes & Northeast Pipeline. Assuming that the gas pipeline connection is initiated (in 2006), APA forecasts that between 120 bcf (proved and probable) and 164 bcf (proved, probable and possible) of gas could be recovered from current and future wells drilled in the evaluation area. Corridor's net share of sales gas is assessed to be 78 bcf for the proved and probable case, and 107 bcf for the proved, probable and possible case. APA has assessed the value of Corridor's share of the three reserves categories based on both constant costs and prices and forecast costs and prices. Based on cost data provided by Corridor, APA has assessed that the export case appears to be economically attractive and has assigned both proved and probable reserves against this development assumption. The results are presented as follows: Net Present Value Working Interest Price ($mm@10%DCF) Reserves Case Case Before Tax After Tax ----------------------------------------------------------------- Proved (limited by current market) Constant 31 21 (9 bcf sales case) APA Forecast 23 16 Proved and probable Constant 165 114 (78 bcf sales gas case) APA Forecast 105 72 Proved, probable and possible Constant 241 166 (107 bcf sales gas case) APA Forecast 162 111 APA states that, in their opinion, "...the key technical uncertainty that will drive the profitability of the export scheme is completion efficiency. Particularly, optimized stimulation design may significantly improve the reserves and economics associated with the further development of the McCully field".APA cautions, however, that because the reserves data are based on judgements regarding future events, actual results will vary and the variations may be material. The full APA Report is available for review in Corridor's offices and on Corridor's website (www.corridor.ns.ca). In other activities, in early August Corridor is preparing to re-enter re·en·ter also re-en·ter v. re·en·tered, re·en·ter·ing, re·en·ters v.tr. 1. To enter or come in to again. 2. To record again on a list or ledger. v.intr. , side-track and test the Trenton Black River (TBR TBR Tennessee Board of Regents TBR Technology Business Research TBR To Be Read TBR Travel Business Roundtable TBR To Be Resolved TBR To Be Reviewed TBR Technical Basis for Regulation TBR To Be Recorded TBR Total Business Return TBR To Be Revised ) formation in the Chaloupe exploration well located on Anticosti Island. The well was drilled in 1999 but the TBR formation was not tested. Log and sample information suggest that the fractured and dolomitized porosity may be oil bearing in this zone, and the objective of the re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the is to conduct a drillstem test across the prospective interval to obtain a sample of the reservoir fluid. A positive test would be encouraging, as the Chaloupe structure is large and seismic shows the presence of many more similar prospects on the Island. Corridor and Hydro-Quebec hold 75% and 25% working interests respectively in the Chaloupe licence area and Corridor is the operator. Corridor is a junior oil and gas exploration and production company, headquartered in Halifax, Nova Scotia, with interests onshore in New Brunswick and Quebec, and offshore in the Gulf of St. Lawrence Noun 1. Gulf of St. Lawrence - an arm of the northwest Atlantic Ocean off the southeastern coast of Canada Gulf of Saint Lawrence Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . "Statements in this Press Release may constitute forward-looking statements.Such forward-looking statements include risks, uncertainties and other factors which may cause actual results, performance or achievements of Corridor to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.Corridor does not undertake to update any of such forward-looking statements." A map is available on CCNMatthews' website at the following address: http://www2.ccnmatthews.com/database/fax/2000/cdh0722.jpg The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has neither approved nor disapproved the information contained herein. Corridor Resources Inc. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion