Corridor Finds Another McCully Producer

Corridor Resources says that the McCully J-38 well has reached 3169 meters total measured depth. The well was directionally drilled in a northeast direction to intersect the upper Hiram Brook reservoirs in a separate fault block at a bottom-hole location approximately 1100 meters from the surface drill-pad. The well encountered a total of 58 meters of indicated net gas pay in the upper Hiram Brook formation based on well logs, and is the 24th successful gas well in the McCully Field. The well penetrated the full section of the Hiram Brook formation, reaching total depth in the top of the Frederick Brook formation. The well encountered strong gas shows in the sands, with pressure measurements indicating the reservoirs are significantly over-pressured. The fluid content and productivity of the reservoirs will be confirmed during fraccing and flow-back testing operations planned for late August. Corridor plans to tie the well into the McCully gas gathering system this fall and to commence natural gas production to the McCully gas plant in December. The Nabors #4 (double) drilling rig will be relocated to Prince Edward Island next week to commence drilling the Green Gables #3 well (100% Corridor) around the middle of August.

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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