Corridor Announces Third Quarter Results
(firmenpresse) - HALIFAX, NOVA SCOTIA -- (Marketwired) -- 11/14/16 -- Corridor Resources Inc. ("Corridor") (TSX: CDH) announced today its third quarter financial results.
The following table provides a summary of Corridor''s financial and operating results for the three and nine months ended September 30, 2016, with comparisons to the three and nine months ended September 30, 2015. Corridor''s unaudited financial statements and management''s discussion and analysis for the third quarter have been filed on SEDAR at and are available on Corridor''s website at .
All amounts referred to in this press release are in Canadian dollars unless otherwise stated.
Selected Financial Information
Q3 2016 Netback Analysis
2016 Third Quarter Highlights
Outlook
"Corridor should once again enjoy excellent pricing for its natural gas sales in the AGT market for the upcoming winter period" said Steve Moran, President and CEO. "We remain on track to meet our previous guidance, which should result in a working capital balance of $33.8 million as at March 31, 2017. We continue to assess opportunities for deploying our working capital in a disciplined, counter-cyclical fashion."
Corridor is a Canadian junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick and Quebec and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas production and reserves in the McCully Field near Sussex, New Brunswick. In addition, Corridor has a shale gas prospect in New Brunswick, an offshore conventional hydrocarbon prospect in the Gulf of St. Lawrence and an unconventional hydrocarbon prospect through a 21.67% interest in Anticosti Hydrocarbons L.P., a joint venture which has undiscovered resources on Anticosti Island, Quebec.
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 and strategies and exploration and development plans, including plans of Anticosti Hydrocarbons L.P. to construct well locations and regulatory approvals of such plans, drilling plans and timing of such plans, increased cash flow from operations from the forward sale agreement, expectations regarding natural gas prices at AGT and expectations that Corridor will meet its previously disclosed guidance, resulting in a working capital balance of $33.8 million as at March 31, 2017.
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 and the terms of its forward sales agreement as well as assumptions made by, and information currently available to, Corridor concerning anticipated financial performance, business prospects, strategies, regulatory developments, future natural gas commodity prices, future natural gas production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, and the ability to add production and reserves through development and exploration activities. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that forward-looking statements will not be achieved. These factors may be found under the heading "Risk Factors" in Corridor''s Annual Information Form for the year ended December 31, 2015.
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.
Contacts:
Corridor Resources Inc.
Steve Moran
President and CEO
(902) 429-4511
(902) 429-0209 (FAX)
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Datum: 14.11.2016 - 15:05 Uhr
Sprache: Deutsch
News-ID 1469860
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Oil & Gas
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