Corridor to Conduct Seismic Survey at McCully Field

Corridor Resources is undertaking a 3-D seismic survey at the McCully natural gas field in south-central New Brunswick, Canada. The seismic will be acquired over an area of approximately 30 square kilometers at an estimated cost of $1.35 million. The survey will commence immediately and will be completed by the end of the year. Following processing and interpretation, the seismic results will be utilized to locate future delineation and development wells during the next phase of drilling at McCully.

Commencing in April 2003, the first two McCully wells (A-67 and P-66) have been producing natural gas to the potash mill owned and operated by Potash Corporation of Saskatchewan. The production performance of the wells has been excellent, providing valuable data for the expanded development and production of the McCully field to the north of the producing wells.

Corridor is in detailed discussions with potential partners regarding the next phase of development at McCully. Two delineation wells are planned to be drilled in the northern part of the field this winter. Following evaluation of these new wells, 10 production wells are planned to be drilled over the next two years to develop sufficient reserves and productive capacity to initiate gas production to markets connected by way of a pipeline lateral to Maritimes & Northeast Pipeline. The timely completion of the 3-D seismic program this fall means the interpreted results will be available to assist in optimizing the location of the planned delineation and production wells.