Corridor Falls After Failing to Find Shale Venture Partner

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.

To contact the reporters on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net

To contact the editor responsible for this story: Tina Davis at tinadavis@bloomberg.net

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