Corridor Commences Drilling at McCully C-67

McCully C-67
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Corridor Resources reports that drilling operations have commenced at the McCully C-67 well located on the western side of the McCully gas field. The well will be drilled to a total depth of approximately 2325 meters to the base of the Hiram Brook formation and is part of a multi-well drilling program designed to prove up additional natural gas reserves and production capacity. Corridor intends to connect the McCully field by pipeline to the Maritimes & Northeast pipeline system. It is expected that it will take approximately 30 days to drill and complete the well. Potash Corporation of Saskatchewan has elected not to participate in the C-67 well.

The McCully field, located near Sussex in south central New Brunswick, is estimated to contain in excess of one trillion cubic feet of gas-in-place in the Hiram Brook formation. Two wells have been on production for two years supplying natural gas at an average rate of two million cubic feet per day to a limited local market. The continuing excellent production performance of these wells has demonstrated the potential for future wells in the McCully field to supply significant volumes of natural gas to larger markets in New Brunswick and New England. The C-67 well, shown on the attached map of the McCully field, is located within an area that was independently appraised by APA Petroleum Engineering (APA) in December, 2004, and that represents less than 20% of the total field area. The APA report assigned proven gas-in-place of 217 billion cubic feet (bcf) and proven and probable recoverable reserves of 119 bcf (79 bcf net to Corridor's interest) to the area assessed.


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