Corridor Falls After Failing to Find Shale Venture Partner
Stock Chart for Corridor Resources Inc (CDH)
Corridor Resources Inc. (CDH) shares fell to their lowest in almost seven years after the Halifax-based petroleum explorer said it hasn’t attracted a joint-venture partner for a shale-gas prospect in New Brunswick.
Corridor fell as much as 46 percent to 97 cents, the lowest intraday price since Jan. 4, 2005. The shares were down 62 cents at C$1.20 as of 12:31 p.m. in Toronto.
Low prices for natural gas and the “current economic environment” are the reasons it failed to find a partner for its resources near Elgin, New Brunswick, Corridor said in a statement. The company will continue to look for a partner next year.
The explorer expects to end 2011 with C$6 million ($5.8 million) of working capital and no debt, it said in the statement. The company focuses on exploration in Canada’s eastern provinces.
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