Corridor Resources fails in finding shale gas partner
The Canadian Press
Posted: Dec 21, 2011 5:48 PM AT
Last Updated: Dec 21, 2011 7:59 PM AT
Related
Stock in Corridor Resources Inc. plunged almost a third Wednesday after the company announced it has so far been unsuccessful in attracting a partner for its shale gas project in New Brunswick.
On the Toronto Stock Exchange, Corridor was down 56 cents, or 30.77 per cent, at $1.26 at midday on volume of almost three million shares.
Corridor cited current low prices for natural gas as a major reason it had been unable to attract a joint venture partner to develop its exploration project near Elgin, N.B.
"Corridor will continue its search for a joint venture partner in 2012," it said in a release.
Halifax-based Corridor is an eastern Canadian junior resource company engaged in the exploration, development and production of petroleum and natural gas onshore in New Brunswick, Prince Edward Island and Quebec and offshore in the Gulf of St. Lawrence.
It currently has natural gas reserves and production in the McCully Field near Sussex, N.B., and discovered crude oil reserves in the Caledonia Field near Sussex as well as discovered resources of shale gas in Elgin.
Share Tools
Latest New Brunswick News Headlines
- N.B. firefighters warned of lawsuit threat
- Firefighters need more protection against legal action, according to a former chief in New Brunswick. more »
- Armed robbery at Saint John gas bar
- There was an armed robbery at a Saint John, N.B., gas station Friday night. more »
- Cataractes advance to Memorial Cup final by beating Sea Dogs
- Yannick Veilleux broke a tie at 13:14 of the third period as the host Shawinigan Cataractes upset the defending champion Saint John Sea Dogs 7-4 in the semifinal of the Mastercard Memorial Cup on Friday night. more »
- 4 arrests in Elsipogtog drug trafficking case
- Four people are facing charges in connection with a two-month long investigation into prescription drug trafficking on Elsipogtog First Nation. more »
Top News Headlines
- Canadian Pacific strikers face back-to-work legislation
- Labour Minister Lisa Raitt is prepared to end the Canadian Pacific Railway strike if necessary, after both CP and the union rejected a proposal for voluntary arbitration by the government-appointed negotiator on Sunday. Raitt says she is "extremely disappointed." more »
- Syrian regime denies role in Houla massacre
- The UN Security Council condemned the Syrian regime at an emergency meeting Sunday, holding president Bashar al-Assad's military responsible for the massacre of more than 100 people, dozens of whom were children younger than 10 years old. more »
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Neighbour may have helped find missing kids in Mexico
- Two Winnipeg children who had been missing for nearly four years were found in Mexico after a man raised concerns about his neighbour, according to a private investigator. more »
- 'Suspicious' fire destroys former school in Marysville
- Woman robs store in Tracadie-Sheila
- Armed robbery at Saint John gas bar
- 'Wolf' killed in N.B. may be 1st in a century
- N.B. firefighters warned of lawsuit threat
- 4 arrests in Elsipogtog drug trafficking case
- Bullied Saint John boy given full-time attendant
- Maritimers mark anti-racism day
- E. coli outbreak linked to Jungle Jim's restaurant
