Corridor Says McCully Holds 6.8 bcf of Proven Gas Reserves

Corridor Resources hired APA Petroleum Engineering to compile an independent engineering report for the natural gas reserves assigned to the producing McCully A-67 and P-66 wells (50% CDH / 50% PCS) located near Sussex, New Brunswick. Natural gas production from these two wells commenced in April at a rate of approximately 2.2 million cubic feet per day to meet energy requirements of the nearby Potash Corporation of Saskatchewan (PCS) potash mill. A scheduled four-week potash plant shutdown for routine maintenance in late July provided an opportunity to determine gas reserves estimates based on pressure build-up information while the wells were shut-in.

The APA report assigns gross proven reserves of 1.4 billion cubic feet (BCF) to the A-67 well and 5.4 BCF to the P-66 well, for a gross proven total of 6.8 BCF. (3.4 BCF net to CDH). The report also indicates gross probable additional reserves of 6.7 BCF, for a gross proven plus probable of 13.5 BCF (6.75 BCF net to CDH). Previously, no probable reserves were assigned to these two wells.

Corridor expects that this APA reserves report will assist in presentations with prospective farmin partners for the next stage of drilling and development at the McCully Field, and a lateral connection to the Maritimes & Northeast gas transmission line approximately 45 kilometers to the north of McCully.