Corridor Resources Inc. (TSX:CDH) ("Corridor" or the "Company") confirms that Corridor, together with other partners of Anticosti Hydrocarbons L.P., have entered into negotiations with the Government of Québec with the goal of terminating the exploration joint venture project on Anticosti Island. These negotiations have resulted from a request by Anticosti Hydrocarbons L.P. for the Québec Government to clarify its position regarding hydrocarbon exploration and development on Anticosti as a consequence of the Government's decision to support an application for the designation of the island as a UNESCO World Heritage site.
The Anticosti joint venture is a limited partnership formed in 2014 between Corridor, Ressources Québec Inc., a subsidiary of Investissement Québec (an affiliate of the Government of Québec), Pétrolia Inc. and Saint-Aubin E&P Québec Inc. The purpose of the joint venture is to appraise and potentially develop hydrocarbon resources on Anticosti Island.
No assurance can be given that the negotiations will be successfully concluded. Corridor does not intend to comment further on the matter until an agreement is reached or the negotiations end without agreement.
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 Québec 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 with undeveloped lands on Anticosti Island, Québec.
SOURCE: Corridor Resources Inc.
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