Corridor Drills New Harmony Well
Corridor's New Harmony #1 well, located north of Souris in eastern Prince Edward Island, was drilled to a total depth of 3403 meters to evaluate the natural gas productive potential of sandstone reservoirs in a large graben structure. The well encountered natural gas shows in several sands in the Bradelle Formation below a depth of approximately 2700 meters. Based on well logs, however, porosities appear to be lower than in sands of equivalent age in the Green Gables #3 well. The New Harmony well is located approximately 15 kilometers to the east of the previously drilled Naufrage and Bear River wells drilled in 1975 and 2003 respectively, which also had gas shows in equivalent Bradelle sands. Casing is being run and cemented to total depth. Corridor believes that frac stimulation will be necessary to determine whether or not natural gas can be flowed at potentially commercial rates of production from these relatively low porosity sands. However, decisions regarding fraccing and testing will not be made until all the log and sidewall core information has been evaluated.
The New Harmony well has been 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. pursuant to the terms of a 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.
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