CALGARY, Jan. 30 /CNW/ - Corridor Resources Inc. (CDH - TSX-V)
("Corridor") is pleased to announce the election of three new directors,
Achille E. Desmarais, Robert D. Penner and W. C. (Mike) Seth, at its annual
and special shareholders' meeting held on Thursday, January 26, 2006. The
election of Messrs. Desmarais, Penner and Seth as directors is subject to
regulatory approval.
Mr. Desmarais is a Chartered Accountant and a Chartered Financial Analyst
with more than 14 years of experience as a senior portfolio manager and
investment analyst with the Caisse de dDepFot et placement du QuDebec
specializing in the energy sector, oil and gas, pipelines and public
utilities. Mr. Penner is also a Chartered Accountant whose entire career was
spent in private practice with KPMG LLP focused primarily on providing
advisory services on taxation and related matters until his retirement in
2004. Mr. Seth is an expert in the field of reservoir engineering and analysis
and is well known and respected within both the oil and gas industry and the
investment community. He recently retired as President and Managing Director
of McDaniel & Associates Consultants Ltd., having been with the firm for over
37 years.
The addition of Messrs. Desmarais, Penner and Seth increases the number
of qualified independent directors with financial and oil and gas expertise to
Corridor's board of directors. The board currently consists of nine directors:
Charles MacDonald (chair), Jack Bray, Achille Desmarais, Douglas Foster, Paul
Hopkins, Norman Miller, Robert Penner, Jacques Plante and Mike Seth.
Corridor is also pleased to announce that the board of directors has
appointed Robert Penner (chair), Achille Desmarais and Charles MacDonald, each
of whom is independent and financially literate, as members of the Audit
Committee; Doug Foster (chair), Jack Bray and Robert Penner as members of the
Governance Committee; and Mike Seth (chair), Achille Desmarais and Norman
Miller as members of the Reserves Committee.
In addition, the board of directors has approved the grant of 200,000
stock options pursuant to Corridor's stock option plan to each of Messrs.
Desmarais, Penner and Seth. The options vest over three years, have a five
year term and an exercise price of $4.40. The exercise price is a discount to
the current trading price but a premium to the trading price when Corridor
announced the new Board nominees on December 22, 2005. The grant of options is
also subject to regulatory approval.
Corridor is a junior oil and gas exploration company, headquartered in
Halifax, Nova Scotia, with interests onshore in New Brunswick, Prince Edward
Island and Quebec and offshore in the Gulf of St. Lawrence.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
