Corridor Continues Farmout Talks on McCully Field

McCully Field, New Brunswick
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Corridor Resources is continuing farmout discussions with a prospective partner interested in participating with Corridor in the further development of the McCully natural gas field located near Sussex in south central New Brunswick. These discussions have taken an extended amount of time as a result of the complexity of the issues and the number of parties involved, and there is no assurance at this time that a deal will ultimately be consummated. Recently, a second party has commenced reviewing Corridor's McCully data with a view to making a farmin proposal. An update on McCully farmout activities will be provided when significant new information becomes available.

The McCully A-67(#1) and P-66(#2) wells continue to demonstrate excellent production performance. After producing for more than 18 months, the wells have produced more than 1.1 billion cubic feet (bcf) of gas at an average daily production rate of 2 million cubic feet and sustained average wellhead pressures of approximately of 1500 pounds per square inch. In December, 2004, APA Petroleum Engineering updated its independent engineering report covering the northwest flank of the McCully Field. The report estimates that portion of the field contains proven and probable gas reserves of 119 bcf, and proved, probable and possible reserves of 163 bcf, of which approximately two-thirds are net to Corridor's interest .

Corridor is a junior oil and gas exploration and production 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.

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