Corridor Resources Drops Most in 10 Years After `Perplexing' Well Result

Corridor Resources Inc. fell the most in more than nine years after reporting “perplexing” results from a natural-gas shale formation in New Brunswick, Canada.

The company got “negligible” gas or none at all from two wells in the Elgin area, according to a statement today. Considering gas flows from nearby wells and from earlier drilling, “the preliminary responses of these wells are both unexpected and perplexing,” Halifax, Nova Scotia-based Corridor said.

Corridor fell C$2.57, or 33 percent, to C$5.19 at 4 p.m. on the Toronto Stock Exchange. It was the biggest decline since March 2001.

To contact the reporter on this story: Tina Davis in New York at tinadavis@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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