In September 2014, Mr. Steve Moran became President and CEO of Corridor Resources Inc. Mr. Moran has 30 years of varied oil and gas exploration and production experience, with leadership roles in both private and public companies.
Previous to Corridor, Mr. Moran was President and CEO of Bellamont Exploration Ltd., a TSXV listed oil and gas exploration company that he co-founded in 2006 and which amalgamated with Storm Resources Ltd. in March 2012. During that time, Bellamont grew production and reserves from zero to 2,400 BOE/D and 13.655 million BOE respectively, to a net present value of $165 million (@NPV10%). The compound annual per share growth of cash flow, production and reserves was 19%, 42% and 32% respectively from 2007 to 2011.
Prior to Bellamont, Mr. Moran was Vice President, Land of Monolith Oil Corp., a private oil and gas company. From its single equity issue in November 1999, Monolith grew to a production level greater than 3000 BOE/D, when it was sold to Petrobank Energy and Resources Ltd in 2003. Ultimately, when considering the sale proceeds realized from the sale to Petrobank and dividends, the shareholders of Monolith realized gross proceeds in excess of $68.0 million, on a total shareholder equity capital of $2.3 million, resulting in a total annual compound rate of return (or IRR) of 133%.
Mr. Moran graduated from Acadia University in 1985 with a Bachelor of Business Administration degree.