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Corridor Locks in Strong Prices for Q1 2013 on Two-Thirds of Production
Published : December 17, 2012
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Keywords :   Debt | Market | Natural Gas | Oil |

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 17, 2012) - Corridor Resources Inc. ("Corridor") (News - Market indicators) is pleased to announce that it has entered into a forward sale agreement for 6 mmbtu per day from January 1, 2013 to March 31, 2013, which represents approximately two-thirds of its estimated Q1 2013 production, at an average price of $US8.52/mmbtu. Corridor's remaining production will be sold at daily market prices which are expected to be strong during Q1 2013 due to the high basis differential in the New England markets. As a result, Corridor forecasts a cash flow from operations of approximately $3.7 million for Q1 2013. This forward sale agreement will ensure Corridor achieves a much higher cash flow from operations for 2013 compared to Corridor's 2012 forecasted cash flows.

In addition, Corridor averaged a natural gas sales price of approximately $US6.70/mmbtu for its November 2012 production. Reflecting higher natural gas prices in October and November, Corridor has increased its forecasted cash flow from operations for 2012 from $3 million to $4 million. 

"These prices are a good indication of the strategic location of Corridor's existing production at the McCully Field and the Frederick Brook shale gas play in New Brunswick and the effective pipeline connection to premium markets priced in New England" said Phil Knoll, CEO of Corridor. "Corridor's ability to access premium markets creates a strategic advantage for Corridor's on-going natural gas development in New Brunswick".

Corridor is an Eastern 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 reserves and production in the McCully Field near Sussex, New Brunswick and discovered crude oil reserves in the Caledonia Field near Sussex, New Brunswick in 2008. In addition, Corridor has contingent resources and discovered resources of shale gas in Elgin, New Brunswick.

Forward Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements pertaining to: business plans and strategies; natural gas sales, production, natural gas prices, cash flow from operations in 2012 and 2013, and the ability to access premium markets.

Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to Corridor and its shareholders.

Forward-looking statements are based on the terms of the forward sale agreement and Corridor's current beliefs as well as assumptions made by, and information currently available to, Corridor concerning anticipated financial performance, business prospects, strategies, regulatory developments, future natural gas commodity prices, future natural gas production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, and the ability to add production and reserves through development and exploration activities. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that forward-looking statements will not be achieved. These factors may be found under the heading "Risk Factors" in Corridor's Annual Information Form for the year ended December 31, 2011.

The forward-looking statements contained in this press release are made as of the date hereof and Corridor does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Certain of the forward-looking statements in this press release may constitute "financial outlooks" as contemplated by National Instrument 51-102 Disclosure Obligations, including information related to projected revenues, expenses, capital expenditures and production for 2012 and working capital and net debt as at December 31, 2012, which are provided for the purpose of forecasting the financial position of Corridor at the end of the 2012 financial year and in 2013. Please be advised that the financial outlook in this press release may not be appropriate for purposes other than the one stated above.

Phillip R. Knoll, President
Corridor Resources Inc.
(902) 429-4511
(902) 429-0209 (FAX)
Companies Mentionned : Petroleum & Resources | Reliance | Strategic |
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Corridor Resources Inc.

ISIN : CA2199191073
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Corridor Res. is an exploration and oil company based in Canada.

Corridor Res. holds various exploration projects in Canada.

Its main exploration properties are OLD HARRY and MCCULLY FIELD in Canada.

Corridor Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 36.3 millions as of today (US$ 27.7 millions, € 24.9 millions).

Its stock quote reached its highest recent level on May 16, 2008 at CA$ 9.49, and its lowest recent point on December 18, 2015 at CA$ 0.35.

Corridor Res. has 88 620 000 shares outstanding.

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Corporate Presentations of Corridor Resources Inc.
11/20/2008Investor Presentation Available on Corporate Website
Annual reports of Corridor Resources Inc.
Annual Report 2007
Financings of Corridor Resources Inc.
6/20/2008Closes $55 million bought deal financing.
6/3/2008Announces Acceleration of Frederick Brook Shale Appraisal Pr...
6/1/2007Closes $60 million Bought Deal Financing
5/14/2007Announces Bought Deal Financing
Financials of Corridor Resources Inc.
5/9/2013Announces First Quarter Results
11/13/2012Announces Third Quarter Results
5/14/2012Announces First Quarter Results
11/14/2011s Elgin Shale Gas Appraisal Well and Announces Third Quarter...
8/12/2011Announces Second Quarter Results
11/11/2008Announces Third Quarter Financial Results.
8/13/2008Announces Second Quarter Earnings.
5/11/2007Announces First Quarter Earnings.
Project news of Corridor Resources Inc.
10/22/2013Locks in Strong Prices for Winter Season on One-Third of Pro...
12/17/2012Locks in Strong Prices for Q1 2013 on Two-Thirds of Producti...
12/17/2012Locks in Strong Prices for Q1 2013 on Two-Thirds of Producti...
2/22/2011(Old Harry)Files Old Harry Project Description With the Canada-Newfound...
10/28/2008(Mccully Field)McCully Natural Gas Production Projected to Increase.
3/28/2008(Mccully Field) Completes Drilling Operations at McCully E-67
3/5/2008(Mccully Field)update on operations at McCully
Corporate news of Corridor Resources Inc.
12/23/2015Corridor Comments on Recent Quebec Government Statements Reg...
12/9/2015Corridor Resources, Inc. Earnings Analysis: Q3, 2015 By the ...
11/11/2015Corridor Announces Third Quarter Results
11/5/2015Corridor Provides an Operations Update and Announces Additio...
10/8/2015Anticosti Hydrocarbons: Completion of the Stratigraphic Core...
8/28/2015Corridor Announces New Website
8/19/2015Corridor Resources, Inc. Earnings Q2*, 2015
8/14/2015Corridor Announces Second Quarter Results
5/22/2015Updated Corporate Presentation Available on Corridor Website...
5/21/2015Anticosti Hydrocarbons L.P. Updates its 2011 Anticosti Islan...
5/13/2015Corridor Announces First Quarter Results
5/4/2015Anticosti Hydrocarbons L.P.: Stratigraphic Survey Program Re...
5/1/2015Corridor Provides Operations Update
3/31/2015Corridor Announces 2014 Year End Results and Reserves
3/24/2015Anticosti Hydrocarbons - Results of its 2014 Campaign
3/19/2015Anticosti Hydrocarbons L.P. Provides Update and Results of i...
12/23/2014Corridor Completes Additional Forward Sale Resulting in Stro...
12/18/2014Corridor Response to New Brunswick Moratorium
11/12/2014Corridor Announces Third Quarter Results
11/3/2014Update on Anticosti Island Operations
10/28/2014Corridor Announces Initial Results of 2014 Capital Program
10/23/2014Strategic Agreement Signed Between Anticosti Hydrocarbons an...
9/29/2014Corridor Announces New CEO
8/13/2014Corridor Announces Second Quarter Results
8/1/2014Corridor CEO to Retire
6/23/2014Anticosti Hydrocarbons L.P. Appoints Mr. Kjell Pedersen as V...
6/17/2014Anticosti Hydrocarbons L.P.: Stratigraphic Surveys Equipment...
5/12/2014Corridor Announces First Quarter Results
4/1/2014Corridor Announces Closing of Anticosti Joint Venture
3/27/2013Announces 2012 Year End Results and Reserves
1/14/2013Announces Positive Results from Two Anticosti Coreholes
9/4/2012Announces Anticosti Program
3/29/2012Announces 2011 Year End Results and Reserves
2/21/2012Announces Additional Anticosti Analysis and NAPE Presentatio...
12/21/2011Provides Update on Frederick Brook Shale Play
12/1/2011and Petrolia Announce Updated Anticosti Analysis: Results In...
9/27/2011Spuds Frederick Brook Shale Gas Appraisal Well
5/7/2009Announces Normal Course Issuer Bid
5/5/2009s Operations and Plans in New Brunswick
1/14/2009Announces $60 Million capital budget for 2009
12/19/2008Provides Update on Operations in New Brunswick.
12/3/2008Discovers Oil at South Branch G-36
10/16/2008Corridor Updates Exploration and Development Activities in N...
9/5/2008suspends fracturing operations at the Green Gables #3 Well i...
7/9/2008s Drilling and Completion activiites in NB and PEI
5/12/2008webcast Annual Shareholder's meeting.
4/13/2008seeks expression of interest for natural gas storage
3/28/2008Announces 2007 Year End Results and Reserves
1/24/2008 Announces $71 Million Capital Budget for 2008
5/11/2007 Enters Option Agreement with Petroworth
5/4/2007s Drilling, Development and Exploration Activities.
5/4/2007Drilling, Development and Exploration Activities in New Brun...
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