Corridor Resources Inc.

Corridor Resources Inc.

December 15, 2009 08:00 ET

Corridor Completes Testing of the Frederick Brook Formation at the Green Road G-41 Well

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 15, 2009) - Corridor Resources Inc. (TSX:CDH) reported today that it has completed segregated testing of two intervals in the Frederick Brook formation that had been fractured with propane at the vertical Green Road G-41 well, located approximately 4 kilometers north of the village of Elgin in southern New Brunswick. Following the initial comingled zone testing (reported November 25, 2009), a tubing string with a packer was installed in the well and the two zones were independently tested. The first test interval (a black shale at a depth interval between 2000 and 2050 meters) was flowing natural gas at a stabilized rate of 0.43 mmscf/day at the end of an 83 hour flow period at a final flowing wellhead pressure of 147 psi. The second test interval (a silty, sandy shale at a depth interval between 1850 and 1900 meters) produced a total of 42.4 mmscf of natural gas over a 185 hour flow period at a peak rate of 11.7 mmscf/day and a final stabilized rate of 3.0 mmscf/day at a final flowing wellhead pressure of 699 psi. The Green Road well is a new field natural gas discovery and has been shut in as a future producer, awaiting further exploration and development in the area and a potential pipeline connection to Corridor's McCully gas plant located 20 kilometers to the west.

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Corridor is a junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick, Prince Edward Island and Quebec and offshore in the Gulf of St. Lawrence. Corridor currently has reserves of natural gas at only one property, the McCully Field near Sussex, New Brunswick. In June 2007, Corridor completed the construction of a field gathering system, a gas plant and a pipeline lateral connecting the McCully Field to markets through the Maritimes & Northeast Pipeline.

Forward Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes . In particular, this press release contains forward-looking statements pertaining to the following:, initial production capacity and plans for future development of the Frederick Brook formation.

Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. These factors include, but are not limited to: risks associated with oil and gas exploration, financial risks, substantial capital requirements, bank financing, government regulation, environmental, prices, markets and marketing, issuance of debt, variations in exchange rates and hedging. Further information regarding these factors may be found under the heading "Risk Factors" in Corridor's annual information form for the year ended December 31, 2008 and its most recent management's discussion and analysis. Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to Corridor and its shareholders.

Forward-looking statements are based on Corridor's current beliefs as well as assumptions made by, and information currently available to, Corridor concerning anticipated financial performance, business prospects, strategies, regulatory developments, future natural gas and oil commodity prices, exchange rates, future natural gas production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, and the ability to add production and reserves through development and exploration activities. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. The forward-looking statements contained in this press release are made as of the date hereof and Corridor does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Contact Information

  • Corridor Resources Inc.
    Norman W. Miller
    902-429-0209 (FAX)