Corridor Resources Inc. has suspended fracturing operations at the Green Gables #3 well in Prince Edward Island following the fracture stimulation and subsequent flow-back testing of two intervals in the well. Less than 50% of the frac fluids and small amounts of natural gas have been recovered to date during these testing operations. The well is currently shut-in to monitor pressure build-ups in the casing and tubing. Corridor plans to run production tubing in the well to facilitate efforts to remove additional volumes of unrecovered frac fluids from the wellbore and to monitor gas influx over the months ahead. Decisions regarding fracturing additional up-hole intervals in the well are on hold pending flow-back results over this longer term testing period.
Under the terms of an agreement between Corridor and PetroWorth Resources Inc. announced on July 30, 2008, PetroWorth is financing the costs of the subject fracturing and testing operations to earn a 10% working interest in the Green Gables licence 04-03. Corridor has elected not to exercise its option to drill a total of two exploration wells on lands comprising PetroWorth licences 03-01, 03-02, 04-05, 04-06 and 04-07 prior to July 31st, 2009 to earn a 50% working interest in these licences.
Drilling and Completion Activities in New Brunswick
In drilling activities, the McCully N-66 horizontal well (Nabors Rig #58) is drilling ahead at a measured depth of 2946 meters in the horizontal leg of the well within the "A" sand and in the heart of the most productive part of the McCully Field. The South Branch G-36 exploration well (Nabors Rig #86) is drilling ahead in the intermediate hole at a depth of 301 meters. The well is designed to evaluate the natural gas potential of the Hiram Brook sands on the flank of the basin to the south of the McCully Field. Corridor holds a 100% working interest in the well. Drilling of the Green Road O-50 shale gas appraisal well is expected to commence in early October. The Green Road well is the first of three vertical shale gas appraisal wells to be drilled in the general Elgin area this fall.
In completion activities, Corridor has undertaken additional fracturing and initial testing operations in the combined "C"/"D" sands and in the "E" sand at the McCully C-57 well (50% Corridor/50% PCS) and is preparing to drill out the interval plugs and test combined flow from the four separate intervals that have been fractured in this well. Corridor is preparing to commence fracturing operations at four new wells drilled earlier this year from the G-48 well pad (100% Corridor, including K-48, C-48, J-47 and I-47, the first horizontal well drilled and to be completed in the McCully Field using the Packers Plus multistage frac technology). Well fracturing, completion and testing activities are also scheduled for early October at the second horizontal well currently being drilled at the McCully N-66 location. The newly completed wells are planned to be tied into the McCully gas gathering and production system later this fall. Fracturing and testing operations are also planned for a well to be drilled at the McCully C-29 location and for the Green Road shale gas well near Elgin.
Corridor is a junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick, Prince Edward Island and Quebec and offshore in the Gulf of St. Lawrence. Corridor currently has reserves of natural gas at only one property, the McCully Field near Sussex, New Brunswick. In June 2007, Corridor completed the construction of a field gathering system, a gas plant and a pipeline lateral connecting the McCully Field to markets through the Maritimes & Northeast Pipeline.
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