History
Corridor was established by the three founding shareholders, Norman Miller, Paul Hopkins, and Charles MacDonald in March 1995, initially as a numbered Alberta company. In August 1995 the name was changed to Corridor Resources Inc., named after the natural gas pipeline "corridor" soon to be installed through Nova Scotia and New Brunswick. The New Brunswick Sackville Basin oil and gas exploration licences, located within the pipeline corridor, were the Company's first successfully tendered acreage.
The Company's primary focus is the early identification of the most prospective oil and natural gas areas within the region, mainly onshore but also offshore, and to take an aggressive land position. This is being accomplished by accessing a large historic database of geological and drilling information, evaluating this data with new exploration technologies, and preparing prospect plays which are suitable to attract new partners. The first of such farmout agreements was concluded with Shell Canada Limited on November 28th, 1997, the specifics of which are covered in the Anticosti Island section.
With a view to taking the Company public and providing a wider shareholder base, Corridor was merged with an inactive public company Contwoyto Goldfields Limited in the spring of 1996 and subsequently commenced common share trading on the Canadian Dealing Network/over the counter Toronto in May 1996. On November 7th, 1997, the Company ceased trading on the CDN/OTC and started trading on the Alberta Stock Exchange/ASE with symbol CDH. In late 1999, the ASE and the Vancouver Stock Exchange became a part of the Canadian Venture Exchange which subsequently became the TSX Venture Exchange. On April 17th, 2006, the company commenced trading on the Toronto Stock Exchange.
The Company intends to continue with this exploration strategy during the next several years as interest and activity builds in the Maritime region. With an extensive land position, a wide array of potential exploration prospects, successful partnering/farmouts, and prudent financing, the Company expects that commercial production revenues will significantly enhance shareholder value.
The Company drilled the natural gas discovery well at the McCully Field in September 2000. The well was drilled in partnership with Potash Corporation of Saskatchewan (PCS) as a result of a farmin which provided that PCS would pay 100% of the costs of the well to earn a 50% working interest in four sections (3,561 acres). As of December 31st, 2006, 19 wells have been drilled in the McCully Field, all of which have encountered natural gas.
On February 3rd, 2006, Corridor filed an application to the New Brunswick Public Utilities Board (NBPUB) to construct and operate a natural gas pipeline connecting the McCully natural gas field with the Maritimes & Northeast Pipeline (M&NP). Following a public hearing held on September 27th and 28th, 2006, the NBPUB issued a license to construct the midstream facilities on October 6th, 2006. Corridor commenced construction of the facilities in late October 2006.
