Corridor Reports Second Quarter Earnings
Corridor Resources reports a net loss of $1,725 thousand for the six months ended June 30, 2007 compared to a net loss of $108 thousand for the six months ended May 31, 2006. Corridor's net loss per share was $0.022 for the six months ended June 30, 2007 compared to a net loss per share of $0.002 for the six months ended May 31, 2006. The decrease in earnings primarily reflects higher general and administrative expense relating to the increase in management resources needed for the preparation of natural gas production to Maritimes & Northeast Pipeline, which began on June 28, 2007. The Corporation recently changed its financial year end from August 31 to December 31 to be consistent with most reporting issuers in the oil and gas industry and as a result Corridor is comparing financial results for the three and six months ended June 30, 2007 to financial results for the three and six months ended May 31, 2006.
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 has completed construction of a field gathering system, a gas plant, and a pipeline lateral connecting the McCully Field to markets through the Maritimes & Northeast Pipeline (M&NP). The Company initiated natural gas production to M&NP on June 28, 2007 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.
- No Takers Yet for Corridor Shale Gas Prospect (Dec 21)
- Corridor Advances Frederick Brook Shale Program with Vertical Well Spud (Sep 28)
- Corridor Commences Drilling Frederick Brook Shale Well (Sep 27)