In other activities, the Nabors #86 (triple) drilling rig is drilling ahead at a depth of 1700 meters in the Sussex Group at the McCully H-76 well. Corridor expects to complete drilling, logging and casing operations at H-76 by the end of August and will report on well results at that time. Corridor has a 100% working interest in the H-76 well.
Corridor is preparing to undertake a multi-well frac program at McCully, commencing approximately August 12th. Current plans are to frac, test, complete and later tie in seven new McCully wells, including the I-67, F-58, P-76, E-38, D-66, J-38 and H-76 wells. Included at the commencement of this program is a two-stage testing and fraccing of two intervals in the Frederick Brook shale formation at the McCully F-58 well drilled earlier this year.
Prince Edward Island
Corridor also announced today that it has exercised its option to drill an exploratory well as part of a farm-in program to earn a 50% interest in Oil and Natural Gas Permit No. 03-02 held by PetroWorth Resources Inc. and located in eastern Prince Edward Island. The well will be drilled in September to a minimum required depth of 2800 meters as per the terms of the Data Exchange and Option Agreement announced on May 11th, 2007.
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