Reserves

GLJ Petroleum Consultants Inc. of Calgary updated on March 27, 2009 an independent reserves report encompassing the Hiram Brook reservoirs over the McCully Field. The report presents a proven plus probable gas-in-place (50% probability) of 412 billion cubic feet ("bcf") for the Hiram Brook formation. The report, effective December 31, 2008, also presents the quantity and value of Corridor's working interest share of proved plus probable plus possible reserves for the McCully Field.

Corridor's Working Interest Reserves

The GLJ report presents the following working interest reserves to Corridor using constant prices and costs. The proven reserves also include the drilled but undeveloped reserves associated with the gas export phase of the midstream facilities development (completed in June 2007).

Corridor's Working Interest ReservesGross bcfCorridor's
Working Interest
bcf
Proved developed producing and non-producing 46.3 31.5
Proved undeveloped 59.8 46.0
Total proved 106.1 77.5
Probable 84.3 68.6
Total proved plus probable 190.4 146.1
Possible 142.0 109.5
Proved plus probable plus possible 332.4 255.6

Net Present Value

GLJ assessed the value of Corridor's share of the reserves categories based on both constant and forecast costs and prices as follows:

Net Present ValuePrice Case0%10%
Before TaxAfter TaxBefore TaxAfter Tax
ProvedConstant 467 381 258 219
Proved plus probableConstant 1,044 791 439 346
Proved plus probable plus possibleConstant 2,149 1,576 711 538

The GLJ December 31, 2008 Reserves Evaluation Report

The full GLJ reserves evaluation report is available under special reports.

How do I open PDF files?

Reserves evaluation reports are available for online viewing or downloading in Portable Document Format (PDF). For more information on how to read PDF files, please read "What is a PDF and how do I open it?".