Corridor Commences Drilling at Anticosti

Corridor Resources reports that drilling operations have commenced at the Chaloupe well on Anticosti Island. The well is being drilled to evaluate and test the potential for light crude oil in the Trenton/Black River (TBR) formation. The well has been drilled to a depth of 183 meters and 9-5/8" casing has been set and cemented to that depth. Corridor plans to drill the intermediate hole to a depth of approximately 900 meters before setting and cementing 7" casing into the top of the TBR formation. The TBR formation will then be drilled under-balanced using nitrogen as the drilling fluid to evaluate the fluid content and productive potential of the reservoir.

Independent petrophysical and organic petrology analyses of data from a previous Chaloupe well (drilled in 1999) have indicated that the Chaloupe structure contains light oil in the TBR formation. Pressure data from previous wells drilled into the TBR formation on Anticosti Island have indicated that the formation is under-pressured compared to formation pressures normally encountered at equivalent depths. Corridor believes that this lower than expected formation pressure may account for why the potential oil pay was overlooked in the previous Chaloupe well. The Chaloupe structure has an areal extent of more than 13,000 acres and, if successful, has the potential to contain in excess of 100 million barrels of recoverable light oil. Hydro-Quebec holds a 25% working interest in the Chaloupe exploration licence, while Corridor holds the remaining 75% working interest in the licence and is the operator of the well. Results of the Chaloupe well are expected to be known during the last week of July.

Following completion of operations at the Chaloupe well, the drilling rig will be moved approximately 50 kilometers to the northwest to drill the MacDonald structure, where Hydro-Quebec and Corridor each hold 50% working interests in the license.