Corridor Resources Highlights '09 Reserves
Corridor Resources announced its 2009 year end reserves and contingent resources evaluations.
2009 Reserve Information
Corridor currently has natural gas reserves in the McCully Field near Sussex, New Brunswick and has crude oil reserves in the Caledonia Field near Sussex, New Brunswick.
GLJ Petroleum Consultants has assessed Corridor's reserves in its reports dated effective December 31, 2009 and December 31, 2008 which were prepared in accordance with National Instrument 51-101 Standards of Disclosure of Oil and Gas Activities.
Based on the 2009 GLJ Report, Corridor's 2009 proved natural gas reserves reflect increases resulting from the drilling of new wells in the McCully Field and decreases resulting from technical adjustments due to production performance to date from several previously drilled wells. Corridor sold production of 6.2 bscf from the McCully Field in 2009. GLJ's proved plus probable reserves assessment is based on a 45 well development at the McCully Field constrained by the location of existing wells and the potential risk of encountering over-pressured formation water and pyrobitumen in future wells. However, no formation water bearing reservoirs has been confirmed to date in the northeastern part of the McCully Field where most future wells are expected to be located, potentially increasing reserves if more than 45 wells are ultimately drilled in the McCully Field.
2009 Contingent Resource Information
Corridor currently has contingent natural gas resources in the Frederick Brook shale formation in the area surrounding the Green Road G-41 well located four kilometers north of Elgin, New Brunswick. Contingent resources are those quantities of petroleum estimated, on a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as "contingent resources" the estimated discovered recoverable quantities associated with a project in the early project stage. The primary contingencies with respect to Corridor's economic contingent resources include the uncertainty surrounding the economic viability of the related development project due to the early stage of resource evaluation. This includes the uncertainty that all internal and external approvals will be forthcoming along with documented intent to develop the resources within a reasonable time frame. Other commercial considerations that may preclude the classification of contingent resources as reserves include factors such as legal, environmental, political and regulatory matters or a lack of markets.
Resources and contingent resources do not constitute, and should not be confused with, reserves. Reserves and resources will vary from its reserve and resource estimates, and those variations could be material.
GLJ has assessed Corridor's contingent resources in its report dated effective December 31, 2009 which was prepared in accordance with National Instrument 51-101 Standards of Disclosure of Oil and Gas Activities.
Based on the GLJ Elgin Contingent Resources Report, Corridor's 2009 contingent natural gas resources reflect the postulated development of a first tranche of shale gas development in the vicinity of the Green Road G-41 vertical well. The report is based on Corridor's results from the G-41 well, including well logs and production test results from two fractured intervals within the Frederick Brook formation. The postulated development is limited to a silty and shaly section approximately 383 meters in thickness and 14,750 acres in area, representing less than 8% of the total Frederick Brook rock volume and total shale gas potential outlined by GLJ and shown in the attached map. The postulated development is intended to indicate development potential and is not intended to predict possible Apache development plans for the area.
- No Takers Yet for Corridor Shale Gas Prospect (Dec 21)
- Corridor Advances Frederick Brook Shale Program with Vertical Well Spud (Sep 28)
- Corridor Commences Drilling Frederick Brook Shale Well (Sep 27)