Corridor Announces Higher 2017/18 Guidance

Corridor Resources Inc. (TSX:CDH) announced an update to its guidance to reflect significantly higher natural gas prices for the period from April 1, 2017 to March 31, 2018.

Highlights are as follows:

• Corridor has benefited from strong pricing at Algonquin city-gates (“AGT”) for the sale of its natural gas production this winter, leading the Company to increase its guidance for the period from April 1, 2017 to March 31, 2018.
• 89% estimated increase in cash flow from operations from $4.1 million to $7.8 million;
• $3.6 million estimated increase in estimated working capital as of March 31, 2018 to $57.1 million;
• 55% estimated increase in forecasted sales price for unhedged production volumes for the period from December 1, 2017 to March 31, 2018 from $9.39/mscf to $14.55/mscf; and 28% estimated increase in the average forecasted AGT price for the period from December 1, 2017 to March 31, 2018 from $US7.40/mmbtu to $US9.50/mmbtu.

Click here to read the full Corridor Resources Inc. (TSX:CDH) press release.