In other activities, the Nabors #4 (double) drilling rig is drilling ahead near total depth at 2545 meters in the Mabou Group at the Green Gables #3 well. Corridor expects to complete drilling, logging and casing operations at the Green Gables well later this week, prior to relocating the drilling rig to eastern Prince Edward Island to drill the New Harmony #1 well. Corridor has a 100% working interest in the Green Gables #3 well. Assuming successful well results, Corridor plans to frac and flow-test the Green Gables well in October.
Corridor is currently conducting a multi-well frac stimulation program at the McCully Field, commencing in the Frederick Brook shale formation at the McCully F-58 well. Two fracs have been successfully placed prior to encountering a down-hole mechanical problem in preparing to perforate the next frac interval. The problem occurred when the perforating gun became stuck in the well at a depth of approximately 3200 meters. After initial failed attempts to retrieve it, the perforating gun has successfully been recovered. Following the perforating, fraccing and flow-back of an additional shale interval at F-58, Corridor plans to clean out the sand plugs separating the three completed intervals and to flow all three zones together. The results of this composite testing are expected to be available later in September. Several additional intervals in the Frederick Brook shale are also frac candidates, as well as the overlying "A" and "B" sands of the Hiram Brook formation. The frac equipment is expected to be redeployed next week to the O-76 drill pad to commence fraccing the P-76, D-66 and H-76 wells.
As an interim report on the frac results to date at F-58, the first of the two completed fracs at F-58 placed 9.5 tons of proppant and flowed back 89 cubic meters out of a total of 308 cubic meters of frac fluid prior to initiating gas flow. The interval flowed gas at a rate building to 0.62 million standard cubic feet per day (mmscf/day) at a well head pressure of 1099 pounds per square inch (psi) over a short 2-hour flow period. A sand plug was then placed across the interval prior to perforating the next frac interval. The next zone was acidized and, prior to fraccing, flowed gas at a rate building to 0.44 mmscf/day at a well head pressure of 1130 psi over a short 75-minute flow period before being shut in to frac the same interval. The frac placed 31.8 tons of proppant and flowed back 226 cubic meters out of a total of 806 cubic meters of frac fluid and trace amounts of gas before being shut in to proceed with perforating the next frac interval (at which point the perforating gun became stuck in the well).
In response to some recent inquiries regarding Corridor's cash investments, Corridor wishes to advise that all cash balances consist of bank deposits and bank-issued term deposits of 30 days or less. Corridor has no investments in asset-backed securities.
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.
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