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Last C$0.71 CAD
Change Today +0.01 / 1.43%
Volume 13.6K
CDH On Other Exchanges
Symbol
Exchange
Toronto
Frankfurt
As of 10:45 AM 06/30/15 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$0.70
Day High
C$0.71
Day Low
C$0.70
52 Week High
06/30/14 - C$2.12
52 Week Low
05/15/15 - C$0.59
Market Cap
62.9M
Average Volume 10 Days
46.6K
EPS TTM
C$0.04
Shares Outstanding
88.6M
EX-Date
--
P/E TM
19.7x
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 Executive Officer, President and Direct...
Total Annual Compensation: C$72.4K
Chief Financial Officer and Secretary
Total Annual Compensation: C$172.1K
Chief Geologist
Total Annual Compensation: C$192.0K
Chief Geophysicist
Total Annual Compensation: C$170.0K
Compensation as of Fiscal Year 2014.

corridor resources inc (CDH) Key Developments

Corridor Resources Inc. Reports Unaudited Earnings and Production Results for the First Quarter Ended March 31, 2015

Corridor Resources Inc. reported unaudited earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported sales of CAD 10,098,000 against CAD 11,713,000 a year ago. Net income was CAD 3,692,000 against CAD 4,009,000 a year ago. Net income per share - basic and diluted was CAD 0.042 against CAD 0.045 a year ago. Cash flow from operations was CAD 7,612,000 against CAD 8,073,000 a year ago. Capital expenditures were CAD 545,000 against CAD 805,000 a year ago. Natural gas sales for the first quarter of 2015 decreased to CAD 9,889,000 from CAD 11,438,000 for the first quarter of 2014 due to the decrease in the average daily natural gas production to 6.9 mmscfpd in the first quarter of 2015 from 7.6 mmscfpd in the first quarter of 2014 and the decrease in the average natural gas sales price to CAD 15.84/mscf in the first quarter of 2015 from CAD 16.80/mscf in the first quarter of 2014.

Corridor Resources Inc. Provides Production and Operating Cash Flow Guidance for 2015

Corridor Resources Inc. has decided to shut-in certain of its producing natural gas wells for the period from May 1, 2015 to October 31, 2015. The estimated average production from these wells is approximately 5 mmscf/d for such period. As a result of the shut-in, Corridor's forecasted average net daily gas production for 2015 will decrease from 6.7 mmscf/d to approximately 4.1 mmscf/d. The corporation does not anticipate any significant changes to its forecasted 2015 cash flow from operations of $8.7 million, as lower natural gas volumes are expected to be mostly offset by lower expenses and higher realized pricing. Accordingly, the corporation still expects to exit 2015 with approximately $27 million of working capital and no outstanding debt.

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.

 

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