AGM 2012 MAY 31, 2012

Corridors Opportunities

Atlantic Canadian Exploration and Production company with enormous resource potential Commanding land position of 1.5 million net acres in Eastern Canada Significant potential upside related to high impact plays:
New Brunswick shale gas Anticosti shale oil Old Harry Prospect
Southern New Brunswick 320,000 Net Acres Anticosti 900,000 Net Acres

Old Harry 250,000 Net Acres

Existing cash flow has allowed Corridor to continue to progress opportunities with no debt during period of weak gas prices and challenging markets

Atlantic Canada Focused

Large, relatively unexplored area with significant resource potential Retain leases/licences for major prospects Higher gas netbacks; existing infrastructure tied to N.E. market

- premium to Henry Hub ~ $1.00 in

2011 at Dracut, with heat content premium 6%

Focus on gaining partners for our 3 high-impact prospects Ability to source additional opportunities in the region

Industry Challenges
Prolonged low N.A. natural gas pricing cycle created by supply overhang Dry gas resource plays currently more challenging to farm-out Challenging environmental & social acceptance issues for oil/gas industry Eastern Canadian resource plays face high cost and lack of maturity Numerous N.A. J.V. opportunities on market for potential partners creating intensive competition for available capital Junior oil & gas companies under significant market pressure Resource plays the size of Corridors prospects require significant capital resources and time to de-risk in order to demonstrate value potential

2011 Summary
Completed the Anticosti Resource study by Sproule. Best estimate (Sproule) of undiscovered Total Petroleum Initially in Place of 34 Bboe oil equivalent (20
Bboe net Corridor)

Drilled Will DeMille O-59 in Elgin, N.B.

- Strong gas shows - Good core results - 8 potential frac intervals

Cash flowed $9MM in 2011; reduced G&A costs and capital program in 2011 in recognition of low gas pricing period Filed Old Harry Project Description for Exploration Well in early 2011
- Due to multiple and lengthy regulatory processes, Corridor received extension of drilling window to Jan 2016

Retention of licences in New Brunswick, Anticosti and Old Harry

- 1.5 million net acres

Focused on partnering our major prospects; engaged Macquarie to assist with Frederick Brook Shale and Old Harry Prospect
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McCully/Elgin Exploration and Development Area

Over 300,000 net acres; high working interests. Frederick Brook Shale gas:
- 67 TCF gross Discovered Resources (best estimate)

Producing up to 13 mmcf/d gross from McCully area

- Hiram Brook gas McCully Field 103 BCF 2P gross reserves - ~25 year reserve life index

McCully Plant

Advancing F.B. Shale potential with on-going Elgin Program; completed O-59 drill Q4 2011 Recent N.B. Government announcement on: - Oil/Gas Environmental
Protection Plan - New Royalty Regime Discussion Paper
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Frederick Brook Attributes

Large, contiguous, high working interest ~120,000 net acres Best Estimate of gross Discovered Resources of 67 TCF (GLJ Petroleum Consultants Ltd. Frederick
Brook Shale Gas Study 2009)

O-59 Potential Frac Intervals

Frederick Brook shales 900 1,100 m of gross thickness in a strike slip basin Deep basin has thickened sediments strong possibility of being highly overpressured Will DeMille O-59 well has eight intervals that are potential frac candidates (core analysis
indicates some intervals have exceptional permeability and porosity for a shale)

Plan to re-test B-41 (Apache well) in June

Gas Shale Comparison

COMPARISONOFMAJORSHALEGASPLAYSTOTHEFREDERICKBROOKSHALE
Taken from other publically available resources
FrederickBrook* Age EstimatedBasinarea(mi2) Depth(m) Thickness(m) TOC(%) Porosity(%) Permeability(nD) Vitrinite Reflectance(Ro) Pressure(psi) PressureGradient(psi/ft) Mississippian 180 1,500 - 4,000 Barnett Mississippian 5,000 2,000-2,500 45-250 4.5 2.5-5.5 250-300 1.0 -2.0 3,000 - 4,000 0.43 -0.50 12,000 0.7-0.9 0.4-0.7 Haynesville Jurassic 9000 3,000-4,000 60-110 0.5-4.0 8-10 700 Marcellus Devonian 95,000 1,200-2,500 15-75 3-12 5.5-7.5 200-300 1.1-3.0 HornRiver Devonian 4,200 2,500 140-180 3-8 5 300 2.2 5,000 0.6 1.0-3.1 1,700 - 4,200 0.46-0.5 700-2,700 30-1,050 0.3-3.1 0.7-8.8 Utica Ordovician

1100
1-3 3-8

Up to 400**
1.2 ++ 3,000 - 6,000 0.53 - 0.6

DiscoveredResource(TCF)***

67

327

717

1,500

700

Geomechanics (Brittleor Ductile)

Brittle

Brittle

Brittle

Brittle

Brittle

Brittle

*FrederickBrookdatadeterminedbyCorridorResourcesandthirdpartyvendors **Weatherfordanalyses(understatespermeabilities relativetootherlaboratories) ***Estimatesofothershalegasplayshavenotbeenpreparedin accordancewithNationalInstrument51101;arebasedon publicallyavailableinformationandrefertooriginalgasinplace (whichisnotaNationalInstrument51101orCOGEterm). Thetermdiscoveredresources isequivalenttodiscoveredoriginalgasinplace(OGIP)

Anticosti Island Highlights

Chaloupe #1 Macasty Shale Oil Advisor Results 1.5 MM gross acres of Macasty (Uticaequivalent) shale held in long-term licenses Shale is well distributed over the Island Core analysis shows good porosity and permeability - thin turbidities and fractures may enhance permeability Undiscovered Petroleum Initially-in-Place Best Estimate of 34 Bboe (20 Bboe net to
4-6% Effective Oil-Filled Porosity 80% Oil Saturation

Corridor) Study conducted by Sproule

land valuations are in the $10,000+ per acre range)

The Utica has become an exciting oil and gas play in the northeastern US (e.g. present A Schlumberger comparison between the Anticosti Chaloupe #1 well and the Ohio OSGS CO2 #1 Utica well indicates that porosities, permeabilities and hydrocarbon saturations are very similar

40 meters 9

Macasty-Utica Visual Comparison

Chaloupe #1 OGS CO2 #1

Porosity 4-6%

TOC 2-5%

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40 meters

Macasty (Anticosti)

Utica/ Point Pleasant (Ohio)

Porosity 3-5%

TOC 2-4%

Exceptional Core Data

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Old Harry Highlights

Opportunity to evaluate one of the largest undrilled geological structures in Eastern Canada (43,000 acres/67 sq miles) under simple four-way closure Two target horizons: Bradelle and Brion Island formations Several direct hydrocarbon indicators identified: satellite seepage slicks, frequency anomalies, amplitude anomalies, and AVO anomalies Over 1000 km of modern 2-D seismic available Structures aerial extent and potential reservoir thickness presents huge opportunity for billion barrel oil or multi TCF gas discovery Basin Modeling indicates light oil (~55 API) was initially generated and could be filling the structure
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Old Harry Regulatory Summary

Corridor submitted its Old Harry Exploratory Drilling Project Description and E.A. to the C-NLOPB in February 2011 C-NLOPB eventually (with Federal Environment Ministers recommendation) decided that a Strategic Environmental Assessment (SEA) for NFLD side of Gulf was required; expected to be completed Q1 2013 Corridors Environmental Assessment (EA) and drilling permits now expected to be processed in 2013 Due to lengthy regulatory processes, Corridor was granted extension of drilling window (Phase I of licence) to Jan 2016 The Quebec and Federal Governments signed an accord in Mar 2011 to jointly regulate the offshore on Quebecs side of the Gulf Quebec has completed SEA and is expected to decide on opening sections of Quebec side of the Gulf for oil and gas activities in 2013

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Strategic Priorities
Advance our three high impact prospects by sourcing J.V. arrangements Maintain licenses for Corridors high impact prospects Continue to de-risk our prospects within limits of capital constraints Maintain cash flow and ensure we optimize value of McCully assets. Investigate developing export potential for LNG from Atlantic Canada employing existing infrastructure and location advantages and other opportunities such as CNG that will promote commercialization of F.B. Shale Gain regulatory permit approvals and social licenses for Corridor prospects in various appropriate jurisdictions

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2011 Financial Results

$ in thousands

2011

2010

Revenues Cash flow from operations Net G&A Capital expenditures Net working capital Production (mmscfpd) Net loss Net loss per share - Basic and diluted

$23,993 $9,250 $4,247 $8,951 $9,507 11.5 $(79,585) $(0.899)

$29,558 $13,250 $4,716 $21,006 $ 4,002 13.2 $(6,912) $(0.078)

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Q1 2012 Financial Results

$ in thousands

Q1 2012 $ 4,156 $ 1,290 $ 787 $ 10,055 $ (1,654) $ (0.019)

Q1 2011 $ 8,024 $ 3,572 $ 705 $ 9,586 $ (2,178) $(0.025)

Revenues Cash flow from operations Capital expenditures Net working capital Net loss Net loss per share - Basic and diluted

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Q1 2012 Netback
Q1 2012 Production (mmscfpd) ($/mscf) Average gas price Transportation expense Royalty expense Production expense Netback $4.16 $1.21 $0.01 $0.88 $2.06 $6.75 $1.48 $0.29 $0.98 $4.00 9.9 Q1 2011 12.7

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2012 Outlook
$ in thousands

2012

Production (mmscfpd) - net Revenues ($/mscf) Average gas price Transportation expense Royalty expense Production expense Netback Net G&A Cash flow from operations Capital expenditures Net working capital

9.0 $14,000

$3.70 $1.19 $0.01 $1.12 $1.38 $ 3,600 $ 2,500 $ 1,500 $10,500

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Disclaimer
Forward Looking Information Disclosure
This presentation contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. In particular, this presentation contains forward-looking statements pertaining to the following: the potential of the New Brunswick shale gas, Anticosti shale oil and the Old Harry prospect; business plans and strategies; plans to search for partners for Corridor's three prospect properties; characteristics of Corridor's properties, including McCully/Elgin exploration area and Anticosti Island; the quantity of natural gas, oil and natural gas liquids reserves and resources; treatment under governmental regulatory regimes; exploration and development plans; estimates of production, revenues, average gas price, transportation expense, royalty expense, production expense, netback, cash flow from operations, capital expenditures and net working capital for 2012. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to the Company and its shareholders. Forward-looking statements are based on the Company's current beliefs as well as assumptions made by, and information currently available to, the Company including information concerning anticipated financial performance, business prospects, strategies, regulatory developments, future natural gas and oil commodity prices, exchange rates, future natural gas production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, the ability to add production and reserves through development and exploration activities and the terms of agreements with third parties. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Unknown risks and uncertainties include, but are not limited to: risks associated with oil and gas exploration, substantial capital requirements and financing, prices, markets and marketing, government regulation, third party risk, environmental, hydraulic fracturing, dependence on key personnel, co-existence with mining operations, availability of drilling equipment and access, risks may not be insurable, variations in exchange rates, expiration of licenses and leases, reserves and resources estimates, development and/or acquisition of oil and natural gas properties, trading of common shares, seasonality, competition, management of growth, conflicts of interest, issuance of debt, title to properties and hedging. Further information regarding these factors and additional factors may be found under the heading "Risk Factors" in the Annual Information Form for the year ended December 31, 2011. Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive.

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Disclaimer, contd
Certain of the forward-looking statements in this presentation may constitute "financial outlooks" as contemplated by National Instrument 51-102 Disclosure Obligations, including information related to projected production, revenue, average gas price, expenses, netback, capital expenditures and net working capital for 2012 under the heading "2012 Outlook" on Slide #18, which are provided for the purpose of forecasting the financial position of Corridor at the end of the 2012 financial year. Please be advised that the financial outlook in this presentation may not be appropriate for purposes other than the one stated above. The forward-looking statements contained in this presentation are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Oil and Gas Disclosure The term "boe" refers to barrels of oil equivalent. All calculations converting natural gas to crude oil equivalent have been made using a ratio of six mscf of natural gas to one barrel of crude equivalent. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of six mscf of natural gas to one barrel of crude oil equivalent is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Resources Disclosure "contingent resources" means those quantities of petroleum estimated, on a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as "contingent resources" the estimated discovered recoverable quantities associated with a project in the early project stage. "discovered petroleum initially-in-place" or "discovered resources" is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum initially-in-place includes production, reserves, and contingent resources; the remainder is unrecoverable. "prospective resources" refers to those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development.

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Disclaimer, contd
"total petroleum initially-in-place" or "PIIP" refers to that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered. PIIP is equivalent to "total resources. "undiscovered petroleum initially-in-place" or "undiscovered resources" refers to those quantities of petroleum that are estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially-in-place is referred to as prospective resources, the remainder as unrecoverable. Undiscovered resources carry discovery risk. There is no certainty that any portion of these resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. A recovery project cannot be defined for this volume of undiscovered petroleum initially-in-place at this time. Resources do not constitute, and should not be confused with, reserves. Actual reserves and resources will vary from the reserve and resource estimates, and those variations could be material. There is no certainty that it will be economically viable to produce any portion of the resources. The resources assessment referred to in Slide 6 was completed by GLJ Petroleum Consultants Ltd. effective June 1, 2009 setting forth certain information regarding discovered resources of Corridor's interests in the Frederick Brook shale formation. The best estimate is the value that best represents the expected outcome with no optimism or conservatism GLJ subsequently reviewed the pertinent data collected between June 1, 2009 and December 31, 2011 in the upper part of the Frederick Brook formation, and made no changes to the original estimates as at December 31, 2011. There is no certainty that it will be commercially viable to produce any portion of these discovered resources. The reserves estimates referred to in Slide 6 was prepared by GLJ dated March 29, 2012 with an effective date of December 31, 2011 and a preparation date of February 15, 2012 setting forth certain information relating to certain natural gas, crude oil and natural gas liquids reserves of Corridor properties, specifically the McCully Field and the Caledonia Field, and the net present value of the estimated future net reserves associated with such reserves. The resources assessment, referred to in Slide 9 was prepared by Sproule Associates Limited effective June 1 2011 setting forth certain information regarding total petroleum initially-in-place of Corridors interests in the Macasty shale formation on Anticosti Island. The best estimate reflects the probability that the quantity actually in place is equal to or greater than the estimate is 50%. These resources are reported as Bboe to reflect uncertainty of hydrocarbon type across the island. A recovery project cannot be defined for this volume or undiscovered petroleum initially-in-place. There is no certainty that any portion of these resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any of these resources. For further information on Corridor's resources and reserves, see the Annual Information Form for the year ended December 31, 2011.

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