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HALIFAX, Nova Scotia, Dec. 19, 2018 (GLOBE NEWSWIRE) — (TSX – CDH): Corridor Resources Inc. (“Corridor”) is pleased to provide an update on its operations in New Brunswick. Update on Pricing, Additional Financial Hedges, Production and Guidance 2018/2019 In our press release dated November 13, 2018, Corridor announced the following financial hedges for the winter of 2018/2019: 2,500 mmbtupd of natural gas production at a fixed price of $US12.72/mmbtu for January 2019 and 2,500 mmbtupd at a fixed price of $US12.50/mmbtu for February 2019. Corridor subsequently entered into an additional hedge for 2,500 mmbtupd of natural gas production at a fixed price of $US10.35/mmbtu for December 2018. As a result, Corridor has now hedged approximately 70% of its estimated production for the period from December 1, 2018 to March 31, 2019 at an average price of $US8.74. Due to higher than normal natural gas prices in November 2018, Corridor resumed a portion of its natural gas production at the McCully Field, which production had been shut-in since May 2018. As a result of this earlier than anticipated resumption of production, together with the additional financial hedges, Corridor is now expecting an increase of $1.0 million in cash flow from […]
