The well penetrated 229 meters into the Frederick Brook formation, consisting primarily of shale and siltstone and exhibiting fracturing and gas shows. The well has been cased and suspended in preparation for fraccing and production testing planned for later this summer. Following well completion and testing operations, the P-76 well will be tied into the McCully gathering system and is expected to commence natural gas production to the McCully natural gas plant in November. The Nabors #86 drilling rig is being relocated to drill the McCully D-66 well from the same surface pad. Corridor has a 100% working interest in the P-76 well, while the D-66 is a joint (50/50) well with Potash Corporation of Saskatchewan.
The Nabors #4 (double) drilling rig is drilling ahead at a depth of 2798 meters in the Hiram Brook formation at the McCully E-38 well. Corridor expects to complete drilling, logging and casing operations at E-38 by the end of the third week of May and will report on results at that time. Corridor has a 100% working interest in the E-38 well.
Corridor has advanced the timing for conducting its next multi-well frac program at McCully. Current plans are to commence a seven-well frac program near the end of July and to complete the program by mid September. Included at the commencement of this program is a two-stage testing of two intervals in the Frederick Brook formation at the McCully F-58 well drilled earlier this year. It has been decided to conduct these Frederick Brook tests in conjunction with the frac program rather than as previously planned for early June since much of the equipment required to conduct these tests will also be needed for the frac program. The initial tests for the Frederick Brook shale in F-58 will consist of perforating the casing and squeezing acid into the perforations in an attempt to connect with the natural fractures indicated to be present in the formation. If these initial (conventional) tests are unsuccessful, plans are to frac and re-test the intervals as part of the summer frac program.
Corridor has completed the installation, burial and pressure testing of the gathering system and the main pipeline, which connects the McCully gas plant with the Maritimes & Northeast Pipeline (M&NP). Construction of the gas plant is nearing completion, with activities now concentrated on final electrical equipping and commissioning of the plant. The capital cost of the gathering system, gas plant and pipeline facilities is approximately $60 million and production to M&NP is expected to commence in the middle of June, following receipt of an operating permit from the New Brunswick Energy and Utilities Board.
Corridor Resources Inc. is a Halifax, Nova Scotia-based company focused on exploring and developing natural gas resources in the McCully Field and surrounding areas of southern New Brunswick. The Company is in the latter stages of constructing a field gathering system, a gas plant, and a pipeline lateral to connect the McCully Field to markets through the Maritimes & Northeast Pipeline (M&NP). The Company plans to initiate natural gas production to M&NP by mid June, 2007, at a planned initial gross rate of 35 mmscf/day (approximately 63% net to Corridor), and has a continuous development drilling program underway to add reserves and production capacity as field development expands. Corridor also has a number of potentially high impact exploration projects planned in New Brunswick and elsewhere in eastern Canada.
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