03:45 PM EST - Corridor Resources Inc. : said that it has entered into a farmout and option agreement with Apache Canada Ltd. to appraise and potentially develop oil and natural gas resources in southern New Brunswick.Under the agreement, Apache has committed to conduct an appraisal program consisting of any combination of seismic, drilling, fracturing, testing and completing or abandoning one or more horizontal or vertical oil, gas and/or shale gas wells. The program is to be conducted over the next 18 months at a cost of not less than $25 million and is intended to evaluate the commercial potential of natural gas development in the Frederick Brook shale formation and light oil development at the recent Caledonia oil discovery. Corridor Resources Inc.
shares T.CDH are trading up $0.19 at $5.13.
