Corridor Resources Inc.

Corridor Resources Inc.

December 13, 2007 09:50 ET

Corridor Reports Technical Difficulties at Green Gables Well # 3

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 13, 2007) - Corridor Resources Inc. (TSX:CDH) reported today that it has encountered technical difficulties while fraccing the first interval in the Green Gables # 3 well on Prince Edward Island. Approximately one third of the frac had been satisfactorily pumped into the well when the pressure integrity of the 4 1/2" production casing was lost and the frac operations were suspended. Corridor will prepare a plan to evaluate the difficulties in order to determine whether further stimulation work can be conducted. This unexpected event will defer the planned multiple fracs in this well until the nature of the difficulties is more fully understood. Corridor is now proceeding with the planned completion operations at the New Harmony # 1 well as part of the farm-in on PetroWorth's PEI Exploration Licence 03-02 announced on May 11, 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 initiated natural gas production to M&NP on June 28, 2007 and has a continuous drilling program underway to add reserves and production capacity as the field development expands. Corridor also has a number of potentially high impact exploration projects planned in New Brunswick and elsewhere in Eastern Canada.

Forward Looking Statements

This press release contains certain forward looking statements relating to, but not limited to, Corridor's operations, anticipated financial performance, business prospects and strategies, including expectations relating to production levels; capital expenditure programs; the quantity of natural gas reserves; projections of market prices; projections of costs; supply and demand for natural gas; expectations regarding the ability to raise capital and to continually add to reserves through exploration and development; treatment under governmental regulatory regimes; and expectations regarding the construction of the necessary midstream facilities to connect the McCully Field to the M&NP. These statements are based on current expectations that involve numerous assumptions regarding factors and risks that could cause actual results to vary materially, including, without limitation to, the following factors: risks associated with oil and gas exploration, financial risks, substantial capital requirements, bank financing, delay in construction of midstream facilities, government regulation, environmental, prices, markets and marketing, dependence on key personnel, dependence on Potash Corporation of Saskatchewan, Inc., availability of drilling equipment and access, risks may not be insurable, management of growth, expiration of licenses and leases, reserves estimates, seasonality, competition, conflicts of interest, issuance of debt, title to properties and hedging. There is no representation by Corridor that actual results achieved will be the same in whole or in part as those set out in the forward looking information. Furthermore, the forward looking statements contained in this press release are made as of the date hereof, and Corridor undertakes no obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Corridor Resources Inc.
    Paul J. Hopkins
    902-429-0209 (FAX)