HALIFAX, NOVA SCOTIA–(Marketwired – Jan. 16, 2017) – Corridor Resources Inc. (“Corridor”) (TSX:CDH) is pleased to report that, on January 15, 2017, the Canada-Newfoundland and Labrador Offshore Petroleum Board (“C-NLOPB”) issued exploration license EL-1153 to Corridor in exchange for the surrender of exploration license EL-1105 covering the Old Harry Prospect in the Gulf of St. Lawrence. The new exploration license expires on January 14, 2020, subject to extension by Corridor for an additional one year period (January 14, 2021) with the payment of a $1 million deposit.
Corridor intends to purchase a user license for a Controlled Source Electro Magnetic (“CSEM”) data program over the Newfoundland and Labrador side of the Old Harry prospect on EL-1153. CSEM data is a marine geophysical tool developed in recent years to investigate the resistivity of geological prospects, similar to resistivity logging in well bores of potential hydrocarbon zones. Highly resistive layers in a geological structure measured with CSEM technology could indicate hydrocarbon bearing reservoirs and, therefore, would serve to reduce exploration risk and increase the likelihood of finding commercial quantities of hydrocarbons. The undertaking of the CSEM program over the Old Harry prospect, currently planned by an independent service provider for a seven day period in the fall of 2017, is subject to the receipt of the necessary regulatory approvals and vessel availability. Corridor will provide an update once it is certain when the CSEM program will proceed.
Corridor is a Canadian junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick and Québec and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas production and reserves in the McCully Field near Sussex, New Brunswick. In addition, Corridor has a shale gas prospect in New Brunswick, an offshore conventional hydrocarbon prospect in the Gulf of St. Lawrence and an unconventional hydrocarbon prospect through a 21.67% interest in Anticosti Hydrocarbons L.P., a joint venture which has undiscovered resources on Anticosti Island, Québec.