No Takers Yet for Corridor Shale Gas Prospect
Corridor Resources Inc. reported Wednesday that, to date, it has not been successful in attracting a joint venture partner for its shale gas resource exploration prospect near Elgin, New Brunswick. The predominant reason given has been the current economic environment, and specifically the current low level of natural gas prices. Corridor will continue its search for a joint venture partner in 2012.
Corridor is currently considering a plan to stimulate multiple intervals of the vertical Corridor Will DeMille O-59 shale gas appraisal well using liquid propane. This fracture stimulation technique proved to be successful in the Green Road G-41 well as reported in previous press releases. Corridor is very pleased with the results to date from the Will DeMille O-59 shale gas appraisal well. The completion of this well would be part of Corridor's continuing program to advance a shale gas pilot project in the Elgin area.
The Corporation will exit 2012 with working capital of approximately $6 million and no debt and will announce its 2012 capital expenditure program in the first quarter of 2012.
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