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June 2012 UPDATE

Corridor Resources Highlights

Atlantic Canadian E&P Company with extensive upside potential & sustainability Three high impact plays at various stages of de-risking Due to relatively high netbacks, prudent cost control and financial management, Corridor is sustainable through period of low natural gas prices in N.A. Commanding land positions with ~1.6 million net acres in Atlantic Canada Licenses for high-impact prospects range from 4.5 to 9 year years New Brunswick shale gas play has a best estimate of 67 TCF gross discovered resource in place Corridors New Brunswick gas assets access existing gas transmission facilities which connect to premium New England gas markets and Repsols underutilized LNG facility in N.B. Anticosti shale oil prospect has best estimate of 20 Bboe petroleum in place
(net to Corridor)

Corridors Old Harry offshore prospect is one of the largest identified geological structures (with promising indicators) in Eastern Canada yet to be explored.

Sustainability With Enormous Resource Potential

Atlantic Canadian Exploration and Production company with enormous resource potential Commanding land position of 1.6 million net acres in Eastern Canada Significant upside related to high impact plays: New Brunswick shale gas Anticosti shale oil Old Harry Prospect
PEI 180,000 Net Acres 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 fund on-going development opportunities with no debt drawn through period of weak gas prices Strong team focused on progressing high impact plays and maintaining production at McCully Field

For further information, contact: Phillip R. Knoll, (902) 429-4511 Tom Martel, (902) 429-4511 Ext 2225 Website:

Atlantic Canada Focused

Large, relatively unexplored area with significant resource potential Retain licences for NB core area and 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

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 - 1.5 million net acres

Retention of licences in New Brunswick, Anticosti and Old Harry Focused on partnering our major prospects; engaged Macquarie to assist with Frederick Brook Shale and Old Harry Prospect

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

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

indicates some intervals have exceptional permeability and porosity for a shale)

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

O-59 Permeability
Top graph shows original data and includes analysis from two different labs of the same Chaloupe core

Typical highly productive shale gas perms

Lower graph shows factor (15) that normalizes the two data sets plus O-59
6/13/2012 8

G-41 to O-59 Correlation

Gas Shale Comparison

Taken from other publically available resources
Frederick Brook* Age Estimated Basin area (mi2) Depth (m) Thickness (m) TOC (%) Porosity (%) Permeability (nD) Vitrinite Reflectance (Ro) Pressure (psi) Pressure Gradient (psi/ft) Discovered Resource (TCF)*** Geomechanics (Brittle or Ductile) 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 Horn River 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

1-3 3-8

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












* Frederick Brook data determined by Corridor Resources and third party vendors ** Weatherford analyses (understates permeabilities relative to other laboratories) *** Estimates of other shale gas plays have not been prepared in accordance with National Instrument 51-101; are based on publically available information and refer to original gas in place (which is not a National Instrument 51-101 or COGE term). The term discovered resources is equivalent to discovered original gas-in-place(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
Corridor) Study conducted by Sproule
80% Oil Saturation

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

4-6% Effective Oil-Filled Porosity

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



Macasty-Utica Visual Comparison

Chaloupe #1 OGS CO2 #1

Porosity 4-6%

TOC 2-5%


40 meters

Macasty (Anticosti)

Utica/ Point Pleasant (Ohio)

Porosity 3-5%

TOC 2-4%

Well to Well Comparison


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

Strike and Dip Lines on Structure Map




Strike Line: 98-32

Dip Line: 98-22


Bradelle Fm

30 m net = 2 Bbbls or 5 Tcf

Corridor Resources Inc.


Brion Island # 1 DST Test Results

* Upper 10 m sands tested with bottom-hole DST * Produced 4,025 feet of salt water in 45 minutes * Calculated the permeability of the tested sands * Averaged that permeability over the entire zone * Corrected to 55 API oil with pump and various drawdowns

Pi (psi) kh (md-m) Net pay (m) Effective permeability (md) Fluid vicosity (cp) Productivity Index (bpd/psi) Rate @ 30% drawdown (bopd) Rate @ 75% drawdown (bopd)
Corridor Resources Inc.

Brion Island Test Water 2,344 292.4 10 29.2 0.9 2.75 -

Old Harry 55 API Oil 789.5 30 26.3 0.5 13.37 9,402 20,163

Brion Island Fm

170 m net = 10 Bbbls or 25 Tcf?

Corridor Resources Inc.


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