Corridor And PCS Reach Total Depth At Second McCully Well Near Sussex, New Brunswick

Halifax, Nova Scotia, March 27, 2001: Corridor Resources Inc. (CDH - CDNX) announced today that the McCully #2 well has reached total depth after penetrating the main sand package as planned. The well continues to flow natural gas, currently at a measured rate of approximately one million cubic feet per day. Well logging operations are expected to be completed during the next two days and will be followed by production testing of the well.

The Ralex #4 drilling rig will be relocated to drill a third well, McCully #3, commencing in mid April. The location of this third well will be finalized following completion of the well evaluation operations at the McCully #2 well.

The Potash Corporation of Saskatchewan (PCS) is Corridor's 50% partner in these wells, with Corridor acting as the operator. Corridor retains 100% of the petroleum and natural gas rights in 52,000 hectares (146 sections) immediately to the east, west and north of the McCully gas wells.

Corridor is a junior oil and gas exploration 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.

The Potash Corporation of Saskatchewan Inc. is a publicly traded company on the Toronto and New York stock exchanges.

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; and treatment under governmental regulatory regimes. 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, 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, Kyoto Protocol, 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.