Prince Edward Island
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Corridor Resources released the results of the Green Gables #3 well (100% Corridor), which has been drilled to a total measured depth of 2545 meters. The well is located near Cavendish on Prince Edward Island and was drilled to evaluate the natural gas productive potential of the south flank of the Green Gables structure. The well encountered a total of 70 meters of indicated net gas bearing sand mainly in the Bradelle Formation based on well logs and using a 6% porosity cut-off. The well offsets two gas bearing wells previously drilled in the central part of the structure, one in 1972 and one in 1997. The gas bearing sands have significant amounts of clay in the pore structure which may reduce permeability to gas flow. The key question Corridor is attempting to answer at the Green Gables #3 well is whether or not natural gas can be flowed at commercial rates of production. Consequently, in October at least one of the reservoir sands in the #3 well will be fracced and flow tested to evaluate natural gas productivity. Following completion of rig operations next week at the Green Gables #3 well, the Nabors #4 (double) drilling rig will be relocated to the eastern end of Prince Edward Island to commence drilling the New Harmony #1 well in mid September. The New Harmony well is being drilled as part of a farm-in by Corridor to earn a 50% interest in Oil and Natural Gas Permit No. 03-02 held by PetroWorth Resources Inc. The New Harmony well will be drilled to a minimum required depth of 2800 meters as per the terms of the Data Exchange and Option Agreement announced by Corridor on May 11th, 2007.
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.