Corridor Resources Inc.

Corridor Resources Inc.

November 23, 2006 08:48 ET

Corridor Spuds Deep Dawson Settlement Test at McCully

HALIFAX, NOVA SCOTIA--(CCNMatthews - Nov. 23, 2006) - Corridor Resources Inc. (TSX:CDH) announced today that drilling operations have commenced at the McCully F-58 well in the McCully natural gas field located near Sussex, New Brunswick. The well is located 2.5 kilometers northeast of the McCully A-67 discovery well on lands held 100% by Corridor. The well is expected to encounter the Dawson Settlement sands at a depth of 3100 meters and to be drilled to a planned total depth of 3600 meters. The primary objective of the well is to evaluate the natural gas potential of the Dawson Settlement sands at a structurally high position on the prospect. The well is also planned to penetrate the Hiram Brook sands at depths between 2300 and 2600 meters, and to be completed as a producer from that interval. If successful in both the Hiram Brook and Dawson Settlement sands, the well potentially could be completed in both zones as a dual producer. Corridor expects it will take 75 days to drill and case the well to total depth.

The McCully F-58 well is the first well in the McCully area designed to reach and explore the Dawson Settlement sands. The sands outcrop on the Caledonia Highlands located several kilometers to the south of the McCully Field, where they are observed to be very thick and coarse grained. 3-D seismic across the McCully Field area indicates the Dawson Settlement sands are trapped within the same structure as the Hiram Brook sands. The area of the structure at the Dawson Settlement level is in the order of 20,000 acres, indicating that the Dawson Settlement sands could, if gas bearing, contain quantities of gas-in-place several times greater than in the Hiram Brook sands.

A map of the McCully Drilling Program is available on CCNMatthews' Web Site at the following address:

Corridor is a junior oil and gas exploration and production company, headquartered in Halifax, Nova Scotia, with interests onshore in New Brunswick, Prince Edward Island and Quebec, and offshore in the Gulf of St. Lawrence.

Forward Looking Statements

This press release contains forward looking statements relating to certain production test results from Corridor's operations. These statements are based on current expectations that involve numerous assumptions regarding factors and risks that could cause longer term production performance to vary materially. 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.
    Norman W. Miller
    902-429-0209 (FAX)