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Last C$0.74 CAD
Change Today +0.03 / 4.23%
Volume 13.1K
CDH On Other Exchanges
Symbol
Exchange
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As of 11:28 AM 04/27/15 All times are local (Market data is delayed by at least 15 minutes).

corridor resources inc (CDH) Snapshot

Open
C$0.70
Previous Close
C$0.71
Day High
C$0.74
Day Low
C$0.70
52 Week High
05/1/14 - C$2.28
52 Week Low
04/24/15 - C$0.68
Market Cap
65.6M
Average Volume 10 Days
37.5K
EPS TTM
C$0.04
Shares Outstanding
88.6M
EX-Date
--
P/E TM
19.0x
Dividend
--
Dividend Yield
--
Current Stock Chart for CORRIDOR RESOURCES INC (CDH)

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corridor resources inc (CDH) Details

Corridor Resources Inc., a junior resource company, explores for, develops, and produces petroleum and natural gas properties in eastern Canada. The company explores for petroleum and natural gas onshore in New Brunswick and Québec, as well as offshore in the Gulf of St. Lawrence. Its principal properties include the McCully Field and the Elgin Sub-Basin located in New Brunswick; the Anticosti Island in Québec; and the Gulf of St. Lawrence. As of December 31, 2014, the company had an interest in 27.5 net producing and nonproducing natural gas and oil wells. Corridor Resources Inc. was founded in 1983 and is headquartered in Halifax, Canada.

17 Employees
Last Reported Date: 03/30/15
Founded in 1983

corridor resources inc (CDH) Top Compensated Officers

Chief Financial Officer and Secretary
Total Annual Compensation: C$169.3K
Chief Geologist
Total Annual Compensation: C$186.0K
Chief Geophysicist
Total Annual Compensation: C$164.3K
Production Operations Manager
Total Annual Compensation: C$186.6K
Compensation as of Fiscal Year 2013.

corridor resources inc (CDH) Key Developments

Corridor Resources Inc. Reports Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Financial Guidance for 2015

Corridor Resources Inc. reported consolidated earnings and production results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net loss of CAD 27,767,000 or CAD 0.311 per diluted share compared to net income of CAD 20,586,000 or CAD 0.233 per diluted share reported a year ago. Sales were CAD 5,475,000 compared to CAD 6,087,000 reported a year ago. Cash flow from operations was CAD 2,735,000 compared to CAD 2,962,000 reported a year ago. Capital expenditures were CAD 2,736,000 compared to CAD 1,856,000 reported a year ago. Natural gas revenues decreased to CAD 5,241,000 from CAD 5,841,000 in reported a year ago, due to the decrease in the average daily natural gas production, which decrease was partially offset by the increase in the average natural gas sales price to CAD 8.30/mscf in the fourth quarter of 2014 from CAD 8.21/mscf in the fourth quarter of 2013. Natural gas revenues for the year ended December 31, 2014 increased to CAD 22,135,000 from CAD 20,346,000 for the year ended December 31, 2013 due to an increase in the average natural gas sales price to CAD 8.59/mscf in 2014 from CAD 6.91/mscf in 2013 which increase was partially offset by a decrease in Corridor’s average daily gas production to 7.1 mmscfpd in 2014 from 8.1 mmscfpd in 2013. Net loss was CAD 17,706,000 or or CAD 0.197 per diluted share compared to a net income of CAD 22,449,000 or CAD 0.254 per diluted share for the year ended December 31, 2013, due primarily to the impairment losses of CAD 39,150,000 for the year ended December 31, 2014 which resulted from a decrease in Corridor’s proved plus probable natural gas reserves. A reversal of impairment losses of CAD 28,050,000 had been recognized for the year ended December 31, 2013 following an increase in forecast natural gas prices. Capital expenditures for 2014 were lower than the original budget of CAD 27.2 million due to three intervals in the Frederick Brook shale in the E-67B well were not completed as planned due to hole instability issues encountered during the well's re-entry; the test of the South Branch G-36 oil discovery well was deferred for further technical review and a recovery in oil prices; and, costs relating to the regulatory approval process for the Old Harry exploration project were less than forecast. Cash flow from operations increased to CAD 12,244,000 from CAD 10,934,000 for the year ended December 31, 2013 due to the higher average. Sales were CAD 23,253,000 compared to CAD 21,619,000 reported a year ago. Capital expenditures were CAD 23,449,000 compared to CAD 3,138,000 reported a year ago. For the quarter, the company reported natural gas production of 631 mmscf compared to 712 mmscf reported a year ago. Natural gas production per day was 6.9 mmscfpd compared to 7.7 mmscfpd reported a year ago. For the year, the company reported natural gas production of 2,576 mmscf compared to 2,945 mmscf reported a year ago. Natural gas production per day was 7.1 mmscfpd compared to 8.1 mmscfpd reported a year ago. The company is forecasting cash flow from operations of CAD 8.7 million in 2015, which is based on an estimated average natural gas sales price of approximately CAD 7.70/mscf and an estimated average net daily gas production of 6.7 mmscfpd. The average natural gas sales price is based on an exchange rate estimate of USD 0.85 per Canadian dollar, an estimated Henry Hub price of USD 2.95/mmbtu and an average premium at Algonquin city-gate of USD 3.20/mmbtu, and incorporates the following contracted forward sales of natural gas production: 4,000 mmbtupd from January 1, 2015 to March 31, 2015 at an average price of USD 11.74/mmbtu; 2,000 mmbtupd from January 1, 2015 to January 31, 2015 at an average price of USD 12.47/mmbtu; 1,000 mmbtupd from February 1, 2015 to February 28, 2015 at an average price of USD 12.52/mmbtu; 1,000 mmbtupd from March 1, 2015 to March 31, 2015 at an average price of USD 8.65/mmbtu; and 2,500 mmbtupd from November 1, 2015 to March 31, 2016 at an average price of USD 9.25/mmbtu. The company has authorized a minimum capital expenditure budget of CAD 2.4 million for 2015. Given the uncertainty related to the moratorium in New Brunswick, no significant capital expenditures are planned in that province in 2015. The Anticosti Joint Venture’s 2015 exploration program will be at no cost to Corridor.

Corridor Resources Inc. Reports Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Production and Earnings Guidance for the Year 2014

Corridor Resources Inc. reported earnings and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported sales of $2,433,000 against $3,405,000 for the same period of last year. Net loss was $199,000 or $0.002 per share basic and diluted against $1,036,000 or $0.012 per share basic and diluted a year ago. Cash flow from operations was $379,000 against $907,000 a year ago. Capital expenditures were $18,090,000 against $180,000 a year ago. For the nine months, the company reported sales of $17,778,000 against $15,532,000 for the same period of last year. Net loss was $10,061,000 or $0.112 per share diluted against $1,863,000 or $0.021 per share basic and diluted a year ago. Cash flow from operations was $9,509,000 against $7,972,000 a year ago. Capital expenditures were $20,713,000 against $20,713,000 a year ago. For the quarter, the company reported natural gas production of 611 mmscf against 718 mmscf a year ago. Natural gas production per day was 6.6 mmscfpd against 7.8 mmscfpd a year ago. For the nine months, the company reported natural gas production of 1,945 mmscf against 2,233 mmscf a year ago. Natural gas production per day was 7.1 mmscfpd against 8.2 mmscfpd a year ago. The company has decreased its estimated average net daily gas production for 2014 from 8.0 mmscfpd to 7.3 mmscfpd, as the additional production forecasted from the 2014 well re-entry and fracturing campaign is lower than originally budgeted due to fewer fracture stimulations being completed and the start of the additional production being delayed by approximately one month. As a result, the company has maintained its budgeted 2014 cash flow from operations of $14 million as the lower natural gas sales recognized in the third quarter of 2014 and the expected decrease in the forecasted 2014 natural gas production are expected to be offset by lower estimated production expenses and a higher estimated average natural gas sales price in the fourth quarter of 2014. The company has decreased its 2014 capital budget from $27.2 million to $25.7 million to reflect the decrease in the estimated cost of the well re-entry and fracturing program. Based on available working capital of $17.3 million at December 31, 2013 and the company revised capital budget of $25.7 million for 2014.

Corridor Resources Inc. Announces the Initial Results of 2014 Capital Program in the Mccully Field and Surrounding Basin in Southern New Brunswick

Corridor Resources Inc. announced the initial results of its 2014 capital program in the McCully Field and surrounding basin in southern New Brunswick. The program was designed to increase natural gas production and revenues from the McCully Field and to evaluate the potential of the Frederick Brook shale in the McCully and Elgin areas. The results from the program have demonstrated that the Frederick Brook shale is productive from at least six different sub-intervals across a distance of 25 kilometers. The following is a simplified cross-section of the various wells where Corridor has successfully tested natural gas from the Frederick Brook shale. The focus of this year's program was to utilize existing wellbores that provided the most readily available access to stimulate and produce the Frederick Brook shale and not necessarily the most prospective intervals. Due to the great thickness of the Frederick Brook, there are numerous additional prospective intervals that have not been stimulated to date. Corridor believes the vertical distribution and linear extent of the successful tests is further evidence in support of the best estimate of discovered unrecoverable resources of 67.3 TCF in the Frederick Brook shale by the independent firm GLJ Petroleum Consultants Ltd., which estimate is set fourth in Corridor's Annual Information Form for the year ended December 31, 2013. The company has one long term producing well from the Frederick Brook shale. The F-58 well in McCully was fracture stimulated with water in a single 11 tonne treatment and placed on production in 2008. It is still producing at an estimated average rate of 180 mscf/d with a 1.8% annual decline. To date, F-58 has produced a total of 411 mmscf. The company expects F-58 to recover a total of 1.5 Bscf. Preliminary test data from the 2014 program indicates that the newly fracture stimulated Frederick Brook intervals are initially comparable to F-58.

 

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